The GCB Bank, formerly Ghana Commercial Bank, has moved to rebrand premises of two collapsed banks, less than two hours after it was mandated to takeover.

A visit by Joy News Monday revealed giant billboards, which have the logo of the bank and its tagline, are springing up at headquarters and branches of UT and Capital banks.

“The logos of UT Bank and Capital Bank are going down,” Joy Business’ Ebenezer Osabutey said after touring branches of the two banks.

The Bank of Ghana on Monday gave its approval for the purchase of UT Bank Limited and Capital Bank Limited by GCB Bank Limited.

The two banks have severe capital impairment, the Central Bank has said, and has consequently revoked the licenses of the two banks.

The Bank explained it selected GCB bank over three others because of its competitive edge on the basis of “purchase price, cost of funding and acquiring bank’s capital adequacy ratio.”

Per the policy of the Central Bank, any bank that wants to operate in Ghana needs not less than ¢60 million, a figure experts believe is too high.

After operating as a fully-fledged bank for eight years, the banking regulator said UT Bank and Capital Bank are too distressed to exist.

“The main offices and branches of UT Bank and Capital Bank will be under the control of GCB bank and will be opened at 1pm today [Monday] for normal business transactions,” Bank of Ghana said.

Living up to the arrangement, GCB bank has brought down all billboards bearing the name of the two collapsed banks.

GCB Bank Limited is the largest indigenous bank with an asset base of ¢6.3 billion. Acquisition of the two banks will see GCB bank taking control of their 53 branches, growing its network to 214 branches across the country.

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