revelations\u00a0of negligence<\/a><\/strong><\/span> at its top level seeped into the public domain.<\/p>\n“But on Thursday, I got up, I picked my laptop, I opened it and Thursday, I put my ideas down like I normally do and all of a sudden, I just felt like a cloud just left my shoulders.”<\/p>\n
The collapse of Capital Bank and UT Bank marked a seismic shift in Ghana’s banking sector. The two banks were heavily deficient in capital and liquidity.<\/p>\n
It, therefore, became necessary for the Bank of Ghana to revoke their licenses and approve a Purchase and Assumption transaction to allow GCB Bank to take over deposits and selected assets of UT Bank and Capital Bank.<\/p>\n
A leaked 2014\u00a0memo published in the Insight Newspaper in 2015 revealed that Capital Bank, then First Capital Plus Bank, was on the verge of collapse.<\/p>\n
The bank\u2019s\u00a0Chief Executive Officer at the time even described the situation as\u00a0a \u201ctime bomb” as he warned that Capital Bank had capitalization issues and may not be able to meet its obligations to its clients.<\/p>\n
The memo addressed to the Board of the Bank, also outlined cases of mismanagement that had compromised their shareholder\u2019s credibility and he urged that it take drastic and urgent steps to resolve the bank’s situation.<\/p>\n
–<\/p>\n
By: Delali Adogla-Bessa\/citifmonline.com\/Ghana<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
International Central Gospel Church (ICGC) Pastor, Mensa Otabil has noted he had quite a turbulent week, after the collapse of Capital Bank, of which he served as Board Chairman. During his sermon on peace today [Sunday] he recounted that “Monday was a fortunately good day for me. I was fine on Monday. Tuesday was a […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[10175,3,10334,5148],"yoast_head":"\n
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