UT, Capital banks’ staff contracts terminated

Workers of UT and Capital Banks were on Tuesday given termination letters following the takeover by GCB Bank last month.

The receiver of GCB Bank Price Waterhouse Coopers (PwC) issued the letters to the staff of the two collapsed banks.

Starrfmonline.com understands most of the staff are living in a state of anxiety since they are unsure whether GCB Bank will reinstate them.

Starrfmonline.com has picked strong signals from the corridors of GCB Bank that some of the staff in the coming days will be issued with fresh appointment letters. The termination of contract affects about 1000 staff.

“We are living in a state of fear,” a staff, who received his termination letter, told Starrfmonline.com.

The Central Bank revoked the licenses of the two banks over “severe impairment of their capital.”

“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 BoG’s statement announcing the takeover stressed.

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