Tag: capital bank
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What to know about UT Bank’s collapse (Audio)
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…
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Manage UT & Capital Banks takeover to build investor confidence – Chamber of Commerce
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…
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GCB takeover to strengthen banking operations – First Atlantic MD
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.…
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PwC to determine fate of UT Bank shareholders – GSE Boss
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…
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UT, Capital Bank insolvency: BoG to punish persons found culpable
The Bank of Ghana (BoG) has served notice it will punish any individual or persons whose actions may have led to the collapse of UT Bank and Capital Bank. The Governor of the Bank of Ghana, Dr. Ernest Addison explains that the move is to sanitise the banking sector and make it more robust. The…
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Stock Exchange suspends UT Bank
The Ghana Stock Exchange (GSE) has suspended the listing status of UT Bank following its collapse and subsequent takeover by GCB. This was revealed in a statement copied to Citi News. The GSE noted that the suspension had become necessary due to the revocation of UT Bank’s licence by the Bank the of Ghana. The GSE…
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What to know; GCB takeover of UT, Capital Bank
Following the collapse of UT Bank and Capital Bank, and the subsequent takeover of the two banks by GCB Bank Ltd, the Bank of Ghana has issued a statement with FAQs (frequently asked questions) offering further clarification of the transaction. Q. Why has the Bank of Ghana decided to revoke the licenses of UT Bank…
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UT Bank customers rush to secure assets after GCB takeover
Following GCB Bank’s takeover of UT Bank, customers have scurried to branches of the bank in an attempt to secure their assets. The Bank of Ghana confirmed the takeover of UT Bank and Capital Bank by GCB Bank in a statement on Monday morning, announcing that it had “approved a Purchase and Assumption transaction with…
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UT, Capital Bank staff agitated over takeover by GCB
Information available to Citi Business News indicates that staff of UT Bank and Capital Bank are agitated over the takeover of the banks by GCB Bank. The staff who are reporting to work on Monday morning have been refused entry for the necessary processes to be completed. Citi Business News’ Anita Arthur reports from the…
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Average deposit rate increases marginally; Stanchart still offers lowest rates
The average interest offered by banks on customer deposits increased by 1 percent between March and April 2017. According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana, the figure went up from 11.2 percent as at the end of March 2017 to 11.3 percent as at…