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Collapse of UT, Capital Banks was an opportunity; we grabbed it- GCB Bank

The Managing Director of GCB Bank has said the taking over of two indigenous banks was an opportunity his outfit grabbed.

Ray Sowah would not disclose the tiny details of the transaction except to say that the takeover was strategic.

“We are a business. We are in the business of taking opportunity when it serves. This came to us and we saw it as an opportunity to do certain things to move the bank in a particular direction,” Raymond said in an answer to a question that the takeover of UT and Capital Banks was probably an overnight decision.

He said the two institutions have unique attributes which can help the GCB brand.

“This was not an overnight decision. This was a decision taken carefully and strategically. We know where we want to take this bank and we believe with this expansion we will be able to take the bank in that direction,” he said.

His comments come a day after the Bank of Ghana announced the revocation of licenses of two commercial banks- UT Bank and Capital Bank.

The banks were said to be distressed as a result of non-performing loans given out to customers.

The news about the revocation of the licenses also came with a takeover plan with GCB Bank instantly removing the brand logos of the two banks and replacing them with those of GCB Bank.

The workers of the two defunct banks were held up for hours before being allowed entry into the banks not as workers of UT or Capital but as new workers of GCB Bank.

Answering a question on the future of the new workers, Ray Sowah said GCB Bank will conduct a skills assessment of each and every new employee of the two banks and take a decision later.  

“We need to know if we can bring everyone on board. An assessment is being done. We will know what jobs to retain and ones which to let go,” he hinted.

“They are working with us for the moment. They are new employees. We will look to see if we can keep them or we cannot keep them,” he added

The GCB Bank Managing Director assured customers their deposits are in safe hands and encouraged them to go to the same banks and transact business.