GCB Bank lost GHȼ1bn in 4 months after absorbing UT, Capital banks

The GCB Bank lost almost half of the deposits it inherited from the UT Bank and the Capital Bank to panic withdrawals, four months after absorbing all the liabilities and selected assets of the.

The GCB Bank has acquired UT Bank and Capital Bank following the distress of the two banks, the Bank of Ghana (BoG) has said. The development is in line Section 123 of the new Banking Act, which.

The suspected insolvency in some commercial banks that has been brewing for some time now seems to have finally hit reality Mortgage Loan Administration with the announced take-over of two commercial banks by the GCB Bank Ltd. The Bank of Ghana announced this morning that the GCB Bank has taken over UT and Capital Banks, and assured customers.

9 9SharesQ. Why has the Bank of Ghana decided to revoke the licenses of UT Bank and Capital Bank? A. UT Bank and Capital Bank were deeply insolvent, meaning that their liabilities exceeded their assets, putting them in a position not to be able to meet their obligations as and when they fell due.

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GCB Bank has absorbed about seventy (70) percent of the permanent staff of defunct UT and Capital Banks. It follows the completion of the full integration of the systems of the two banks.

The Bank of Ghana assures the public that all customers can continue normal banking business at all UT Bank and Capital Bank facilities which are now branches of GCB bank. The approval by the Bank of Ghana of this transaction is to strengthen Ghana’s banking sector, ensure financial stability and protect depositors’ funds.

GCB Bank records decline in earnings following UT, Capital Banks assumption. The Bank also recorded growth of 58.4 per cent in its total assets, from GH6,075 million in 2016 to GH9,627 million in 2017, a growth in deposits of 63 per cent from GH4,260 million in 2016 to GH6,924 million in 2017. In light of these modest gains and.

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