Mass withdrawals hit UT, Capital banks

Some customers of UT and Capital Banks in Accra and other parts of the country have stormed the premises of the banks with the threat to withdraw all their deposits.

This comes after the Bank of Ghana approved the takeover of Capital Bank and UT Bank by the GCB Bank Ltd.

The Central Bank in a statement said that it has “approved the 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.”

The statement added that the “Bank of Ghana has revoked the Licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impairment of their capital. The remaining assets and liabilities will be realised and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC).

“The main offices and branches of UT Bank and Capital Bank will be under the control of GCB bank and will be opened at 1 pm today for normal business transactions. Customers of UT Bank and Capital Bank are now customers of GCB bank.”

However, some customers of the two banks who fear that they might lose their monies have told Pulse Business’ Magdalene Teiko Larnyoh that they will withdraw their monies from the banks.
A businessman at the premises of the Cal Bank at Osu said he is withdrawing 10,000 cedis from his account.

As at the time of filing this story, several customers were at the venue and branches of UT to withdraw their monies.

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