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The rise and fall of UT, Capital Bank

The news that two indigenous banks, UT and Capital Bank have been taken over by GCB Bank has come as a shock to many Ghanaians, as just a year ago, Capital Bank was adjudged the Best Growing Bank, and Best Bank in Deposits & Savings at the Ghana Banking Awards.

The central bank on Monday announced that it had revoked the licenses of UT and Capital Bank to operate as commercial banks due to their excessive liabilities and their failure to improve their balance sheet.

A statement from the central bank and copied to Citi Business News 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.”

The news of the collapse has shocked many since the two banks have won numerous awards for performing successfully in the industry.

Just a year ago, Capital Bank swept three awards at the Ghana Banking Awards. The Bank was once named as one of Ghana Most Respected Companies.

They were adjudged the Best Growing Bank, Best Bank in Deposits & Savings and Best Bank in Household/Retail Banking at the 15th Edition of the event while UT Bank was adjudged best bank in 2011 by the same institution.

UT bank is one of Ghana’s most celebrated brands, after it evolved from a micro-finance company into a successful bank.

Find below a list of awards the two banks have received over the years Capital Bank

– CIMG Non-Bank Financial Institution of the Year 2012 (won this whilst they were Savings and Loans)

– 10th Best Performing Company of the Year 2012 and the Best Non-Bank Financial Institutions sector under the Ghana Club 100

– First Runner up in Customer Care at 14th Ghana Banking Awards in 2014

– Adjudged Best Growing Bank, Best Bank in Household/Retail Banking in 2016

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