{"id":344684,"date":"2017-08-14T10:46:23","date_gmt":"2017-08-14T10:46:23","guid":{"rendered":"http:\/\/citifmonline.com\/?p=344684"},"modified":"2017-08-14T10:46:23","modified_gmt":"2017-08-14T10:46:23","slug":"gcb-rebrands-ut-head-office","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/08\/gcb-rebrands-ut-head-office\/","title":{"rendered":"GCB rebrands UT head office"},"content":{"rendered":"
The rebranding of one of the two collapsed Ghanaian-owned banks, UT Bank, which has been taken over by GCB Bank, has started barely hours after the Bank of Ghana’s announcement.<\/p>\n
Citi News\u2019<\/strong> Anita Arthur reported from the headquarters of UT bank at Airport that the bank\u2019s logo on the building has been replaced with that of GCB bank.<\/p>\n She also added that UT bank flag hoisted at the premises of the head office has also been replaced with that of GCB bank.<\/p>\n The workers of the UT bank were earlier in the morning of Monday prevented from accessing the facility but were later given the chance into the building.<\/p>\n <\/p>\n UT, Capital Bank collapse; GCB to the rescue<\/strong><\/p>\n BoG on Monday gave GCB Bank Ltd the green light to acquire UT and Capital banks<\/strong><\/a><\/span>.<\/p>\n A statement from the central bank and copied to Citi Business News<\/strong> said, \u2018The Bank of Ghana has approved a 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\u2019.<\/p>\n BoG also revoked the licenses of the two bank saying \u201cthis action has become necessary due to severe impairment of their capital.”<\/p>\n The Ghana Stock Exchange (GSE) has suspended<\/strong><\/a><\/span> the listing status of UT Bank following its collapse and subsequent takeover by Ghana Commercial Bank.<\/p>\n The latest development is said to be part of moves by government through the BoG to restructure the banking industry.<\/p>\n –<\/p>\n By: Godwin Akweiteh Allotey\/citifmonline.com\/Ghana
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