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 almost 70 percent of the permanent staff of those banks.”

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

According to GCB Bank, “Departing employees are to be paid a month’s salary in lieu of notice plus any earned leave since August last year.”

The statement added, “The Bank in undertaking this exercise was mindful of its economic and social impact and therefore went to great lengths to strike the right balance in the interest of all stakeholders.”

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.

Citi Business News understands that the integration included the consolidation of core banking applications, procedures and processes, the training of staff and the streamlining of the branch network.

Meanwhile GCB says it has retained 22 out of the 53 branches of the defunct institutions based on their location and accessibility to customers.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post GCB Bank absorbs 70% of UT, Capital banks’ staff appeared first on Citi 97.3 FM - Relevant Radio. Always.

A statement released by the Registrar General’s Department and copied to Citi Business News said, “There will be payment of dividends to unsecured creditors of DKM Diamond Microfinance Limited (hereinafter called ‘DKM’) whose claims have been agreed and validated in the liquidation process, in the week commencing 17th October 2016.”

According to the statement, the list of the first batch of validated customers will be released on October 10 at some designated places across the country.

“On Monday, 10th October 2016, the first batch of unsecured creditors namely, DKM Investment and Susu Account holders only, whose claims have been validated and agreed in the liquidation process will be posted at the following locations,” it added.

Over 70,000 customers of DKM Microfinance have so far been validated by the Official Liquidator for payments to be made.

The company was forced to suspend operations over a year ago after the industry regulator; the Bank of Ghana, found that it had flouted some regulations in the financial industry.

The Official Liquidator had served notice that payments will commence in the first week in October.

It was however compelled to reschedule over logistics challenges.

But the publication to be issued is expected to contain the names of creditors whose claims have so far been validated; DKM Account numbers of these creditors (as appropriate); designated “Recipient Bank” branches where payments will be made to creditors as well as specific dates when payment will be made to batches of individual creditors.

Meanwhile GCB Bank has been appointed as the recipient bank for the payments.

The statement however assured that “creditors  whose names do not appear on the list of claims validated to date, are advised to contact the Official Liquidator’s Customer Service Units to be set up in the various Recipient Bank branches for further direction.”

It further assured, “Creditors should note that the list of validated creditor claims will be updated and supplementary lists would be posted as and when new creditor claims are agreed and validated.”

Mode of payment

The mode of payment for the first batch according to the Official Liquidator is scheduled as follows;

1. Creditors whose names appear on the list of validated claims to be posted at these centers, are advised to proceed to the designated branches of the Recipient Bank earmarked for the payment of their dividends on the date indicated against their names, with any one of the following documents stated below for identification, prior to their collection of dividends (Creditors should bring along both the original ID and a Photocopy of the ID), and that is mandatory; Passport, Driver’s License , NHIS card and/or Voter I.D.
2. Creditors will also be required to bring along a DKM official document bearing their name and account number (eg. Pay-in-slip, pass book etc) for verification.
3. For deceased creditors, their next of kin or nominated family member would be required to submit Letters of Administration before payments could be made to them.
4. Creditors who will miss their payment dates, should contact the Official Liquidator’s Customer Service Unit at the designated Recipient Bank, to be rescheduled for payment.

Meanwhile, “creditors are to note that the first round of payment will be interim dividends. The timing and quantum of future payments will be determined by the levels of asset realizations, liquidation costs, and creditor claims proven and submitted,” the statement further noted.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Official Liquidator releases list of validated DKM creditors appeared first on Citi 97.3 FM - Relevant Radio. Always.