GCB completes UT, Capital bank integration

GCB Bank has successfully integrated UT and Capital Bank into its systems.

GCB Bank says all customers of the two defunct banks can now use their new GCB and ATM visa cards from today, Monday, 5 February 2018.

The old UT and Capital Bank cards will no longer work from today, the bank has said.

In August last year, the Bank of Ghana approved the takeover of Capital Bank and UT Bank by GCB Bank Ltd.

A statement by the central bank said it had “approved the 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.”

The statement also added that the “Bank of Ghana has revoked the licenses of UT Bank Ltd and Capital Bank Ltd.”

The revocation became necessary “due to severe impairment of their capital,” the BoG said, adding: “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).”