Mass withdrawals hit UT, Capital banks

Some customers of UT and Capital Banks in Koforidua and other parts of the Eastern region have besieged the premises of the banks threatening to withdraw all their deposits due to the takeover by GCB Bank.

This comes after the Bank of Ghana approved the takeover of Capital Bank and UT Bank by the GCB Bank Ltd.

A statement by the Central Bank stated that it has “approved the Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.”

The statement also added the “Bank of Ghana has revoked the Licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impairment of their capital. The remaining assets and liabilities will be realised and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC).




“The main offices and branches of UT Bank and Capital Bank will be under the control of GCB bank and will be opened at 1pm today for normal business transactions. Customers of UT Bank and Capital Bank are now customers of GCB bank.”

However, some customers of UT Bank fear losing their monies as they claim they were not told by their bankers ahead of the takeover.

Some customers who spoke to Starr News say they are willing to wait till the bank opens for them to withdraw all their monies.

Source: Starrfmonline.com