Here’s why GCB Bank’s takeover of UT and Capital Bank is not another DKM saga

Positives from the UT Bank and Capital Bank takeover that confirms your money and jobs are safe.

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This is the biggest discussion topic in Ghana on the morning of August 14, 2017, after the Central Bank of Ghana withdrew the license of the two banks.

On the back DKM's saga, it is fair for a few customers of UT Bank and Capital Bank to panic.

But is there a reason to panic? For now, no.

Here are the positives from GCB Bank’s takeover of UT Bank and Capital Bank that should tell you this is not another DKM.

Your money is safe

Customers of UT Bank and Capital Bank will not have to chase the managers of the said bank around for their money. It is safe. Just like nothing even happened.

“The main offices and branches of UT Bank and Capital Bank will be under the control of GCB bank and will be opened at 1pm today for normal business transactions. Customers of UT Bank and Capital Bank are now customers of GCB bank. All deposit customers will continue to have access to their funds.”

Ow, one thing; you are now customers of GCB Bank.

People are not losing their jobs … for now

Your father’s job is safe. Your uncle’s job is safe. And your girlfriend or boyfriend is not losing their job.

“All staff in the interim will become staff of GCB bank and GCB Bank will negotiate the terms of their contract.”

The banks close for just 5 hours before normal work resumes

Probably due to restructuring but normal work resumes … pretty quickly.

“The main offices and branches of UT Bank and Capital Bank will be under the control of GCB bank and will be opened at 1 pm today for normal business transactions.”

You can go to the same branch and do transactions

There’s no need thinking about where to find your previous Bank Teller or Cashier.

Just walk into the same branch you were dealing with previously and deposit the cash like the boss you are.

You’ll see GCB Bank logos instead of the UT Bank or Capital Bank logo you’re used to.

“The Bank of Ghana reassures customers of UT Bank and Capital Bank that their money is safe and they can continue to do business at their respective branches which are now the branches of GCB Bank.”

GCB was the best among the banks who wanted to take over

“GCB was selected amongst 3 others on the basis of purchase price, cost of funding, branches to be retained, staff to be employed and impact on the acquiring bank’s capital adequacy ratio.”

This is a drastic measure. Do this only if your life depends on it … like literally

According to the press statement from the Bank of Ghana, all ATMs will continue to operate.

What this means is, you can withdraw all your money without even entering the offices of the previously UT Bank and Capital Bank.

“UT Bank and Capital Bank branches and ATMs will continue to operate as normal as GCB bank branches and ATMs.”

Lol … joking!

But the ATMs will work fine.

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