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Capital Bank Aggrieved staff of defunct Capital Bank demand severance package

The spokesperson for the aggrieved staff, Philip Yawson, explained that they are entitled to service benefit, providence fund as well as other severance packages.

  • Published:

Some aggrieved staff of the defunct Capital Bank are demanding their provident and severance packages from the Bank of Ghana after it closed down the bank in 2017.

In an interview with Accra-based Atinka FM, the aggrieved former workers of Capital bank said they have not received what is due them after the bank collapsed.

The spokesperson for the aggrieved staff, Philip Yawson, explained that they are entitled to service benefit, providence fund as well as other severance packages.

READ ALSO: Financial institutions lost GH¢244m to financial fraud in 2016

He added that some of the benefits due them are corporate or organizational welfare contributions which they are entitled to. According to them, they are yet to receive these benefits and packages.

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.

READ ALSO: Pay for the loans you borrow – Terkper to government

Subsequently, the GCB Bank has collapsed at least thirty-one (31) branches of the defunct UT and Capital banks.

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

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