GCB Bank completes integration of ex-UT, Capital Banks systems

GCB Bank completes integration of ex-UT, Capital Banks systems
Source: Ghana| Myjoyonline.com |Abubakar Ibrahim
Date: 05-02-2018 Time: 08:02:13:am

GCB Bank has successfully completed the full integration of the systems of the erstwhile UT and Capital banks to offer customers a wide network of some 183 branches across the country.

The integration included the consolidation of core banking applications, procedures and processes, the training of staff and the streamlining of the branch network.

The Bank of Ghana last year revoked the license of the two commercial banks - UT Bank and Capital Bank. 

The action was triggered by the inability of the two banks to turn around their negative capital adequacy position which has lingered on for some time now.

Consequently, GCB Bank was announced by BoG to take over the two banks.

Government assured the business community and depositors why it decided to allow GCB to take over the two banks. 

GCB Bank has retained 22 out of the 53 branches of the defunct institutions based on their location and accessibility to customers, it said in a press release Monday.

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. 

According to the bank, contract staff services, which are no longer required have been dispensed with.

"Departing employees are to be paid a month’s salary in lieu of notice plus any earned leave since August last year.

"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," it added. 

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