The Bank of Ghana (BoG) has reassured customers of the UT and Capital Banks that they would continue to have access to their funds.

A statement issued by the BOG and copied to the Ghana News Agency in Accra on Monday, also assured the customers that “their money is safe and that they can continue to do business at their respective branches which are now, the branches of GCB Bank”.

The BoG also assured the public that all customers could continue normal banking business at all the facilities of the UT and Capital Banks which were now branches of GCB Bank.

The assurance followed the announcement by the BOG on Monday that it had revoked the Licences of UT Bank Ltd and Capital Bank Ltd due to severe impairment of their capital, thereby transferring all deposits and selected assets of the two Banks to the GCB Bank Ltd which has been mandated to take over them.

“The UT Bank and Capital Bank branches and ATMs will continue to operate as normal as GCB Bank branches and ATMs. All staff in the interim will become staff of GCB Bank and GCB Bank will negotiate the terms of their contract,” the statement said.

GCB was selected amongst three others on the basis of purchase price, cost of funding, branches to be retained, staff to be employed and impact on the acquiring bank’s capital adequacy ratio.

The approval by the BoG of this transaction is to strengthen Ghana’s banking sector, ensure financial stability and protect depositors’ funds, the statement added.

The BoG said it had approved a Purchase and Assumption transaction with GCB Bank Ltd that transferred all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.

The BOG said the remaining assets and liabilities would be realised and settled through a receivership process to be undertaken by Messrs Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC).

It added that the main offices and branches of the UT and Capital Banks would be under the control of GCB Bank and would be opened at 1300 hours on Monday for normal business transactions.