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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.

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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.”

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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.

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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.

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