ADVERTISEMENT
RADP / Pulse Ghana  >  news  >  business

BoG licenses three more Banks after two banks collapsed

Magdalene Teiko Larnyoh

The licensing of three new banks bring the number of licensed banks to 34 after the license of two banks were withdrawn on Monday (August 14, 2017).

___7150089___https:______static.pulse.com.gh___webservice___escenic___binary___7150089___2017___8___15___14___BoG-addison-new-1200x520
___7150089___https:______static.pulse.com.gh___webservice___escenic___binary___7150089___2017___8___15___14___BoG-addison-new-1200x520

This will bring the number of licensed banks to 34 after the license of two banks were withdrawn on Monday (August 14, 2017).

These banks are UT Bank and Capital Bank. The GCB Bank has taken over the two banks.

READ ALSO: Here is how to support your distressed relation affected by UT and Capital Bank takeover

ADVERTISEMENT

Addressing a press conference in Accra on Monday (August 14, 2017) the governor of the Bank of Ghana Dr Ernest Addison said the three banks have gone through all due process and have been licensed for takeoff.

The Ghana Stock Exchange (GSE) on Monday suspended UT Bank Limited from entities listed on the country’s stock exchange.

This follows the revocation of UT Bank and Capital Bank’s licenses. The action, according to the Central Bank “has become necessary due to severe impairment of their capital.”

READ ALSO: UT Life Insurance not affected by GCB takeover

The two banks have been taken over by the GCB Bank and that 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).”

ADVERTISEMENT

After the takeover, the offices of UT Bank and Capital Bank were rebranded on Monday to reflect the current ownership.

Meanwhile, GCB bank has assured customers of the two collapsed banks that their monies are safe following the takeover.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!
Magdalene Teiko Larnyoh Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh

ADVERTISEMENT