The Head of Banking Supervision at the Bank of Ghana, Raymond Amanfu, has hinted that there will be some layoffs at UT Bank and Capital Bank due to the transfer of deposits and assets to GCB Bank.

But essentially all staff of the two banks will become staff of GCB Bank, he suggested.

The Central Bank on Monday announced a Purchase and Assumption transaction with GCB Bank as a result of the revocation of the licenses of UT Bank and Capital Bank.

In a statement issued on the deal, the Central Bank said new terms of contract will be reached with staff.

The statement said one of the key factors in finally settling on GCB Bank – out of three bidders – as the purchasing bank is its ability to employ staff of the two banks.

Addressing the media on Monday, Mr Amanfu said the situation is not unusual with banks. “Every bank has its ups and downs in seasons,” he observed.

“It is your ability to resolve the issues when they occur [that counts].” Customers of the two banks will henceforth be customers of GCB Bank.

“The Bank of Ghana reassures customers of UT Bank and Capital Bank that their money is safe and they can continue to do business at their respective branches which are now the branches of GCB Bank,” the Central Bank’s statement concluded.