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Tag Archives: capital bank

Ex Capital bank workers lament locked up providence funds

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Former workers of defunct Capital bank are livid over what they say is the calculated attempt by their fund managers not to pay their providence funds. The disclosure comes despite the approval by the receiver of the joint purchase and assumption of UT and Capital banks, PricewaterhouseCoopers (PwC), for payment of such funds to the workers. The workers tell Citi ...

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Ex-workers of collapsed Capital, UT Banks to petition Nana Addo over benefits

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Former workers of defunct UT and Capital banks have served notice they will petition President Akufo-Addo this week, over the delay in the payment of their severance packages. According to the former workers, after over eight months of being asked to go home due to the collapse of the banks, they have been adversely affected by the development. GCB Bank in ...

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GCB Bank to publish 2017 financial results end of May

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GCB Bank has announced that it will release its financial statement for 2017, by the end of May 2018. The bank says it will at the same time release the first quarter financial performance results for 2018. GCB Bank has been unable to comply with the Bank of Ghana’s directive asking all commercial banks to publish their financial statements for ...

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Severance packages for former workers of UT, Capital banks to delay

Vish Ashiagbor - Country Senior Partner for PwC

Perhaps former workers of defunct UT and Capital banks seeking their severance packages may have to wait a bit longer as the receiver of the agreement, continues its work. The workers argue that the development has affected them negatively and therefore want a swift action on their requests. But information from the receivers indicates that this may not happen anytime ...

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BoG enforces separation of powers with new directive

Dr. Ernest Addison - BoG Governor

“No one individual shall have unfettered powers of decision in any regulated financial institution.” As a result, no one person shall assume two top positions in any regulated financial institution. These are but a few of the strong words contained in the Bank of Ghana’s new banking business – corporate governance directive. The document comes barely a week after the ...

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Banking sector faces distortion over ¢2bn bond for UT, Capital banks’ debt

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Government’s decision to absorb the liabilities of UT and Capital banks could weaken the financial industry if not managed properly. This is the warning from Economist, Dr. Ebo Turkson. According to him, the assurance of absorption of debts after a possible collapse could make private banks less competitive in giving value for money for customers. The government is hoping to ...

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GCB eyes leading bank with new strategy

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GCB Bank is optimistic it will increase its market share in the banking industry within the short to medium term. This comes as the bank has outdoored its ‘Golden Eagle Ambassador initiative’. Under the initiative, 200 staff have been selected from all nine zones in which the bank operates to market the bank. The move also comes at a time ...

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GCB Bank retains 22 branches of UT, Capital banks

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GCB Bank has announced that it has maintained 22 branches of defunct UT and Capital banks. This follows the completion of the full integration of the systems of the two banks. The twenty two branches were part of a total of fifty-three branches assumed by GCB Bank in August 2017. A statement on the move and copied to Citi Business ...

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GCB Bank absorbs 70% of UT, Capital banks’ staff

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GCB Bank has absorbed about seventy (70) percent of the permanent staff of defunct UT and Capital Banks. It follows the completion of the full integration of the systems of the two banks. A statement on the issue and copied to Citi Business News said, “As a result of the integration, staff numbers have been rationalized and GCB has absorbed ...

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PwC asked to clarify jobs termination at UT, Capital banks

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Some labour analysts are demanding clarity from Price Waterhouse Coopers (PwC) in the decision to terminate the contract of employees of defunct UT and Capital banks. They argue that the terms indicated in the termination letters served the employees of the two banks may be short of the labour law which protects the interest of employees in cases of insolvency. ...

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