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Behind the UT Bank, Capital Bank collapse; Bernard Avle explains [Audio]

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Was the writing on the wall all along? Is poor supervision to blame? Did dumsor play any role? How critical was the IMF in all this? The Citi Breakfast Show host, Bernard Avle breaks down the collapse of UT Bank and Capital Bank and what it means for the prospects of Ghana’s banking sector. – By: citifmonline.com/Ghana

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The rise and fall of UT, Capital Bank

The remnants of the UT Bank logo on the ground after the GBC rebranding

The news that two indigenous banks, UT and Capital Bank have been taken over by GCB Bank has come as a shock to many Ghanaians, as just a year ago, Capital Bank was adjudged the Best Growing Bank, and Best Bank in Deposits & Savings at the Ghana Banking Awards. The central bank on Monday announced that it had revoked ...

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Panicky UT Bank customers besiege Koforidua branch

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Customers of UT Bank at Koforidua in the Eastern Region have besieged the bank’s premises following the takeover by GCB Bank. Over 60 customers of the Bank gathered outside the building, demanding access into the banking hall. According to them, they had arrived at the Bank, which should have been open for business at 1 pm, per a directive from ...

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UT, Capital Bank websites redirected to BoG page

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The websites of UT Bank and the Capital bank have been redirected to a web page on the Bank of Ghana website offering FAQs, following their collapse and takeover by GCB Bank. The Facebook account of UT Bank, www.facebook.com/utbank.official  has also been taken down. The Capital Bank Facebook page is, however, still up. As the online presence of these two ...

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UT Bank customers rush to secure assets after GCB takeover 

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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 GCB Bank Ltd that transfers ...

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What to know; GCB takeover of UT, Capital Bank

bank of ghana

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 and Capital Bank? A. UT ...

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Disregard claims Nduom won’t contest election 2020 – PPP

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The Progressive People’s Party (PPP) has dispelled rumours that its founder Papa Kwesi Nduom will not contest the 2020 presidential elections. In a rejoinder sighted by Citi News, the party described the rumours as completely “false.” The rejoinder said the rumours has it that Dr. Ndoum made such a comment in an interview on his own media outlet. “We would ...

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Lukaku scores twice as Man Utd thrash West Ham

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Romelu Lukaku announced his arrival at Old Trafford by scoring twice on his Premier League debut for Manchester United as they embarrassed West Ham. Jose Mourinho’s team were a constant threat against a poor Hammers side, offering excitement and encouragement to their supporters on the opening weekend of the new Premier League season. Lukaku, a £75m summer signing from Everton, ...

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Newcastle 0-2 Tottenham: Spurs comfortable against 10-man Toons

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Skipper Jonjo Shelvey was sent off for standing on Dele Alli as Newcastle’s return to the Premier League was ruined by Tottenham. Second-half goals from Alli and Ben Davies ultimately did for the promoted Magpies with the visitors coasting to a 2-0 victory, but it was Shelvey’s 49th-minute dismissal which opened the door after his side had scrapped their way to the break without ...

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Boys abrƐ! Youth want jobs – Sammi Awuku

Sammy Awuku

The National Youth Organiser of the ruling New Patriotic Party, Sammi Awuku, has expressed confidence in the ability of President Akufo-Addo to deliver on the promise to provide jobs for the youth. But he wants the process expedited because, according to him, while the government cannot fail the youth who voted massively to return the NPP to power, “time is ...

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