The Ghana Association of Bankers says it is saddened by the collapse of two of its key members, UT Bank and Capital Bank.

The two banks are no more members of the Association as the Bank of Ghana has revoked their licenses after they were declared financially distressed. They have subsequently been assumed by the GCB Bank.

Speaking for the first time on the issue, President of the Association Alhassan Andani says the association is not happy about the development.

“No organization will be happy, if it loses two of its members, and it’s hard for us,” he said.

“I think there are a lot of lessons to be learnt; while we watch the next development and the decisions of the Central Bank.”

He adds that the Association welcomes the decision by the Bank of Ghana to punish perpetrators whose actions led to the current state of the two banks “It is the law that must take its full course. If the actions of some people led to this, then the law must take its course.”