31 branches of defunct UT, Capital banks closed down

A statement issued by GCB Bank indicated that the closing down of some of the defunct branches brings the total number of it’s branches to 183.

This is after the GCB Bank completed the full integration of the systems of the 2 banks.

A statement issued indicated that the closing down of some of the defunct branches brings the total number of GCB Bank’s branches to 183.

However, it is unclear how many branches each belonging to UT or Capital banks have been collapsed.

According to GCB Bank, the decision to maintain the 22 branches was ‘based on their location and accessibility to customers.’

Meanwhile, GCB Bank has absorbed about 70 percent of the permanent staff of defunct UT and Capital 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.”

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

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.

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