Vision1 FM                       Light FM                         Light TV

GCB Bank sacks about 450 UT, Capital Bank workers

Citi Business News has gathered that GCB Bank has terminated the appointments of about 450 workers of defunct Capital and UT banks.

 

 

Workers of the two banks were pulled into the work force of GCB Bank following the revocation of the license of the two banks by the Bank of Ghana(BoG).

 

Persons familiar with the development say the workers were handed the termination letters yesterday in addition with a month’s pay.

 

Sources at the bank say about 80 of the dismissed workers are from Capital Bank while the rest are from UT Bank.

 

The development comes after the receiver of the takeover-PricewaterhouseCoopers last month disengaged the services of all 1,356 staff of the two banks.

 

GCB had earlier announced it will lay off some of the staff of the two banks after they go through an assessment as part of the integration process.

 

The Managing Director of the GCB Bank, Mr. Ray Sowah during the takeover stated that the bank will undertake periodic assessments to determine the restructuring.

 

Background

 

In August 2017, the BoG gave GCB Bank Ltd the green light to acquire two local banks UT and Capital bank.

 

A statement from the central bank and copied to Citi Business News at the time said, ‘The Bank of Ghana has approved a Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd’.

 

According to the central bank, it also ‘revoked the Licences of UT Bank Ltd and Capital Bank Ltd. The action became necessary due to severe impairment of their capital’.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: citifmonline.com

More Lifestyle..

How Boxer Emmanuel Tagoe got to know his 14-year-old son is not his child How Boxer Emmanuel Tagoe got to know his 14-year-old son is not his child 2018-09-14 - YEN reported earlier the story of popular local boxer, Emmanuel...
Bank crisis: Your deposits are safe – UniCredit assures customers Bank crisis: Your deposits are safe – UniCredit assures customers 2018-09-13 - The management of uniCredit has called on its customers to remain...
Apple iPhone XS unveiled alongside fall-detecting Watch Apple iPhone XS unveiled alongside fall-detecting Watch 2018-09-13 - Apple has updated its iPhone X handset with three more powerful...
Kofi Amoah heads FIFA Normalization C’ttee to run Ghana football Kofi Amoah heads FIFA Normalization C’ttee to run Ghana football 2018-09-13 - FIFA has named Dr. Kofi Amoah as chairperson of a four-person...
Former England captain Terry turns down move to Russia Former England captain Terry turns down move to Russia 2018-09-13 - John Terry won 78 caps for England between 2003 and 2012 Former...