Northernghana.net
Uncategorized

GCB Bank sacks about 450 UT, Capital Banks workers

Citi Business News has gathered that GCB Bank has terminated the appointments of about 450 workers of defunct Capital and UT banks.
Workers of the two banks were pulled into the work force of GCB Bank following the revocation of the license of the two banks by the Bank of Ghana(BoG).
Persons familiar with the development say the workers were handed the termination letters yesterday in addition with a month’s pay.
Sources at the bank say about 80 of the dismissed workers are from Capital Bank while the rest are from UT Bank.
The development comes after the receiver of the takeover— PricewaterhouseCoopers last month disengaged the services of all 1,356 staff of the two banks.
GCB had earlier announced it will lay off some of the staff of the two banks after they go through an assessment as part of the integration process.
The Managing Director of the GCB Bank, Mr. Ray Sowah during the takeover stated that the bank will undertake periodic assessments to determine the restructuring.
Background
In August 2017, the BoG gave GCB Bank Ltd the green light to acquire two local banks UT and Capital bank.
A statement from the central bank and copied to Citi Business News at the time said, ‘The Bank of Ghana has approved a Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd’.
According to the central bank, it also ‘revoked the Licences of UT Bank Ltd and Capital Bank Ltd. The action became necessary due to severe impairment of their capital’.

Related posts

Bolgatanga Customs maps out strategies to increase revenue collection

GNA

Galaxy S8 might have of 6GB of RAM, 256GB of storage

GSMArena

Grant rejects local currency in bonus payment

Charles Wundengba

How Nike plans to break one of the most daunting barriers in human performance

Daniel Wundengba

Tamale, Bolga, Wa and others to benefit from $100m secondary cities development fund

thebftonline.com

Faceless Constituents plead with NPP stalwart to save Nabdam Constituency

A1 Radio News

Leave a Comment

one × 5 =