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Banking And Finance

What to know about Capital Bank’s collapse (Audio)

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Capital bank, an indigenous bank that transformed from a Savings and Loans Company has been assumed over by GCB Bank in a purchase and assumption agreement. It is emerging that the writings were clear on the wall a couple of years before this. What probably went wrong leading to this situation? The audio below gives some possible explanations. – By: Pius ...

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What to know about UT Bank’s collapse (Audio)

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The Bank of Ghana on Monday, August 14, 2017 granted permission to GCB Bank to purchase UT Bank in a purchase and assumption agreement. The Central bank explained that the move has become apparent due to efforts to consolidate the country’s financial sector. But what reasons led to the collapse of the indigenous bank? The audio below chronicles the event ...

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High fiscal deficit unattractive for long term bonds – Razia Khan

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Government would have to work to reduce its fiscal deficit in the short to medium term else risk investment ditching its long term bonds. This is the caution from the Chief Economist for Africa Global Research at Standard Chartered Bank, Razia Khan. According to her, the government would need to readjust its debt management strategy at the point where it ...

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Gov’t woos foreign investors for its $ 2.4 bn energy sector bond

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Foreign investors have shown interest to buy government’s 2.4 billion dollar energy sector bond. Citi Business News understands this is the response following an international road show by the transaction managers for the energy sector bond. The Deputy Energy Minister in charge of Finance, Joseph Cudjoe who disclosed this to Citi Business News explained that the move is expected to ...

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Former Capital Bank CEO’s 2014 memo predicting collapse

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The writing was on the wall for the collapsed Capital Bank as far back as at least 2014, according to memo sighted and published by the Insight Newspaper in January 2015, which went under the radar at the time. The Insight Newspaper obtained information indicating that the Capital Bank, then First Capital Plus Bank, was on the verge of collapse ...

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Manage UT & Capital Banks takeover to build investor confidence – Chamber of Commerce

Mark Badu Aboagye - CEO, Ghana National Chamber of Commerce and Industry (GNCCI)

Business Associations have impressed on the Bank of Ghana and relevant institutions to properly manage the takeover of Capital Bank and UT Bank in order not to erode investor confidence. They argue that the inability to control the transaction to protect the interest of affected businesses will ultimately affect economic growth. The concerns by the business associations have become apparent ...

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Fate of workers of UT & Capital Bank [Infographic]

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At least about fifty percent of the workers of UT and Capital bank will be laid off following the acquisition of the banks by GCB. Citi Business News has also learnt that GCB will not be compensating any of the workers that will be laid off. The infograph below provides further details of what the fate of the workers of ...

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HFC bank MD steps down to take up ministerial appointment

Robert Le Hunte, MD, HFC Bank

HFC Bank (Ghana) Limited, a subsidiary of Republic Financial Holdings Limited, has announced that its Managing Director, Mr. Robert Le Hunte, will be leaving the Bank after four (4) years of service to take up a Ministerial appointment in, Trinidad and Tobago’s Government. The Board Chairman of the Bank, Mr. Charles William Zwennes, confirmed the approval of Mr. Le Hunte’s departure by the President of Republic Financial Holdings Limited and ...

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UT, Capital Banks staff to undergo skills assessment

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GCB Bank has emphasized that it will undertake a skills assessment to determine the necessary action regarding employment following the takeover of UT Bank and Capital bank. The Managing Director of GCB Bank, Ray Sowah explains that the move will provide the necessary steps as to which staff should be retained or laid off. He made the remarks when he ...

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GCB takeover to strengthen banking operations – First Atlantic MD

Odun Odunfa - MD/CEO of First Atlantic Bank

Some bankers are upbeat about a turnaround in the operations of Ghana’s banking sector with the enforcement of laws governing the industry. According to them, the Bank of Ghana’s decision to enforce its laws in the revocation of the licenses of UT Bank and Capital Bank over their insolvency will transform operations in the sector. The Managing Director of First ...

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Ghana Business News