UT and Capital Banks’ Staff Laid Off

Staff of UT and Capital Banks were laid off on Tuesday, 12 September 12, 2017 following the takeover by the Ghana Commercial Bank (GCB) last month.

The receiver of GCB Bank Price Waterhouse Coopers (PwC) issued the letters to the staff of the two collapsed banks.
According to Starrfmonline, most of the staff are living in a state of anxiety since they are unsure whether GCB Bank will reinstate them.

They picked strong signals from the corridors of GCB Bank that some of the staff in the coming days will be issued with fresh appointment letters. The termination of contract affects about 1000 staff.

“We are living in a state of fear,” a staff, who received his termination letter, told the media.

The Central Bank revoked the licenses of the two banks over “severe impairment of their capital.”

“Bank of Ghana has revoked the Licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impairment of their capital. The remaining assets and liabilities will be realised and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC),” the BoG’s statement announcing the takeover stressed.