The management of GCB is set to terminate the appointment of some workers of the now defunct UT and Capital banks.

According to the management of GCB, claim of the workers, with regards to their salary arrears, wages, leave, severance pay and other entitlement will be dealt with in accordance with the provisions of the Labour Act, 2003 (Act 651) and the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930).

The Bank of Ghana on August 14, revoked the License of UT Bank and Capital Bank.

A statement from the Central bank said: “The Bank of Ghana has approved a purchase and assumption transaction with GCB Bank Limited that transfers of all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.

“The Bank of Ghana has revoked the licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impalement of their capital.

"The remaining assets and liabilities will be realized and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers.”

However, sources close to GCB, say the workers would be re-employed, but on a six months probation pending the completion of their contract review.

After this process, some of the workers would be maintained, while others would be asked to go home. Joy Business is learning that this challenge about workers being sacked is because of delays in sending letters to these workers immediately after the selective takeover of the two banks.

 GCB this month communicated to the workers of these two institutions that, it cannot absorb all of them and that some would go home after six months.

Workers of the defunct banks were asked to re-submit their CV’s   to their respective HR managers.