GCB Bank to reduce lending rates for Capital, UT banks customers

The Managing Director of GCB Bank, Anselm Ray Sowah said the lending rate for both collapsed banks will be reduced to the existing level of GCB's corporate clients.

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The lending rate for both collapsed banks will be reduced to the existing level of GCB corporate clients.

Sowah was speaking to journalists after a meeting with corporate customers of UT and Capital Banks.

“For the benefit of the corporate customers of the ex-UT and Capital banks, GCB will be reviewing the lending rates downwards to the level of GCB’s existing corporate clients,” he said.

He, however, said that the exercise will be dependent on the amount of deposit, maturity period of the facility, its size and other conditions.

“GCB has the right balance sheet to support big transactions and large ticket deals that you will appreciate. It means that GCB has the capacity to offer customers a one-stop solution to their banking needs rather than you having to deal with different banks,” he said.

As at July this year, GCB’s base rate was at 24.8 percent. Meanwhile, UT bank and Capital bank were at 30.1 percent and 32 percent respectively.

UT and Capital Banks recently collapsed and were subsequently taken over by GCB Bank.

The Bank of Ghana after the takeover said an investigation will be carried out into the collapse of both banks.

The Central Bank promised to punish anybody found culpable in the collapse of both banks.

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