GCB Bank collapses 31 branches of UT, Capital banks

GCB Bank Ltd.

GCB Bank has collapsed at least thirty-one (31) branches of the defunct UT and Capital banks.

This follows the completion of the full integration of the systems of the two banks.

It is unclear how many branches each belonging to UT or Capital banks have been collapsed.

But Citi Business News understands that the move brings GCB Bank’s total branches across the country to 183.

GCB Bank also explains that the decision to maintain the 22 branches was ‘based on their location and accessibility to customers.’

The Bank of Ghana in August 2017, allowed GCB Bank to assume management of UT and Capital Banks in a purchase and assumption agreement.

This also came on the back of the fact that the two banks faced serious liquidity challenges at the time which affected the continuous existence and the financial industry altogether.

70% staff of UT, Capital bank retained

Meanwhile GCB Bank has absorbed about seventy percent of the permanent staff of defunct UT and Capital Banks.

“As a result of the integration, staff numbers have been rationalized and GCB has absorbed almost 70 percent of the permanent staff of those banks,” GCB Bank said in a statement.

However, GCB Bank has dispensed the services of contract staff of the two banks.