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Banking And Finance

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


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

John First Atlantic -620x330

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]

ut capital

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


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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PwC to determine fate of UT Bank shareholders – GSE Boss

UT bank

Shareholders of UT Bank may have to wait a little longer until their fate is determined by the relevant transaction partners in the takeover of UT and Capital bank by GCB Bank. This is the indication from the Managing Director of the Ghana Stock Exchange (GSE), Mr. Kofi Yamoah. According to him, the benefits or otherwise accruing to shareholders would ...

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UT & Capital Bank workers to be put on probation

ut capital

Workers of UT and Capital Bank will be put on probation for 6 months while the full transition of their companies into GCB Bank Ltd is completed. The transition is expected to take about six months to be completed. Citi Business News understands following the probation at least a quarter of workers of both banks will be absorbed while the ...

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Transition of UT & Capital into GCB to take 6 months


GCB Bank Ltd has announced that the transition of UT and Capital bank into GCB will take up to 6 months. The bank which earlier announced that it had assumed the businesses of UT Bank Ltd. and Capital Bank in a purchase and assumption transaction by the Bank of Ghana, effective Monday, August 14, 2017 says GCB has in effect ...

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Ghana Business News