Assets of UT Bank and Capital Bank for sale

e annan

February 20, 2018 10:34 AM

In August 2017, the Bank of Ghana oversaw the takeover of UT and Capital Banks by GCB Bank in a purchase and assumption agreement.

The landed properties of liquidated financial institutions,

The audit and assurance firm has necessitated this action in order to mobilise funds to pay off the creditors of the bank.

Explaining the decision, a partner at PwC, Eric Nana Nipa said, "That is all that they have that was owned by them. Other landed properties are collateral that the borrowers are in default and we cannot just sell."

He said, "The four properties situated in Tamale in the Northern Region and some suburbs of the Greater Accra Region were the only landed properties owned by the banks prior to their collapse on August 14".

This was because the 2 banks faced serious liquidity challenges at the time which affected the continuous existence and the financial industry altogether.

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e annan