Collapse of Banks GCB Bank absorbs 70% of UT, Capital banks’ staff

In a statement issued by the GCB Bank stated that they absorbed some of the staff after the completion of the full integration of the systems of the two banks.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

The GCB Bank has stated that it has absorbed about 70 percent of the permanent staff of defunct UT and Capital Banks.

In a statement issued by the bank stated that they absorbed some of the staff after the completion of the full integration of the systems of the two banks.

“As a result of the integration, staff numbers have been rationalized and GCB has absorbed almost 70 percent of the permanent staff of those banks.”

READ ALSO: Trade Ministry did no wrong - Ad hoc Committee

However, GCB Bank has cancelled the agreement of contract staff of the 2 banks.

According to GCB Bank, “Departing employees are to be paid a month’s salary in lieu of notice plus any earned leave since August last year.”

“The Bank in undertaking this exercise was mindful of its economic and social impact and therefore went to great lengths to strike the right balance in the interest of all stakeholders,” the statement added.

The GCB Bank also retained 22 branches of the defunct banks. This means at least thirty-one (31) branches were collapsed.

READ ALSO: Demo against hikes in fuel prices ongoing

The closing down of some of the defunct branches brings the total number of GCB Bank’s branches to 183.

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

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

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 $179m KelniGVG Deal GVGKelni registered to import cement, chamber pot,...bullet
2 $89m Kelni GVG Deal Here's the full contract between Ghana And Kelni GVGbullet
3 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
4 Nana Appiah Mensah Menzgold to open a new branch in Spainbullet
5 Nana Appiah Mensah Menzgold boss dares BoG to prove deposit...bullet
6 NaBCo Here's what you need to apply for the Nation Builders Corpsbullet
7 Joseph Siaw Agyepong Preach wealth and possession to your...bullet
8 Telecom Sector Opposition MP behind Kelni GVG- reportbullet
9 Ghana Ports and Harbours Authority GPHA staff demands...bullet
10 Menzgold Ghana Investment company closes down its Gold...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
3 Money Alert Meet Africa's richest womanbullet
4 Plane Crash Starbow suspends operations following plane crashbullet
5 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
6 Support Finance minister buys Kantanka carbullet
7 New Phones Nokia MWC 2018 Event in 5 minutesbullet
8 New Discovery Ghana discovers new mineral, lithium in...bullet
9 Bozoma Saint John 10 quotes from Uber top official,...bullet
10 Entrepreneurship Failure- How To Deal With It |...bullet

Business