ACCRA Aug. 15 (Xinhua) -- Management of GCB Bank, Ghana's largest local bank, pledged protection here on Tuesday for depositors of two collapsed commercial banks after taking over their assets.
Managing Director of GCB Bank, Anselm Ray Sowah told the media that the bank was capable of managing the new challenge.
"We appreciate the confidence reposed in GCB by the regulator to manage the funds of the depositors of those two banks without impacting negatively on the financial sector. I take this opportunity to welcome the employees of these two institutions into the GCB family," Sowah stated.
The Bank of Ghana, which is the regulator of the financial market in Ghana, announced Monday the revocation of operating licenses of two indigenous banks, UT Bank and Capital Bank, which were described as severely insolvent and unable to meet their obligations to customers.
The central bank added it had entered into a Purchase and Assumption transaction allowing the largest state bank, GCB Bank (formerly Ghana Commercial Bank), to take over all deposit liabilities and selected assets of both UT Bank and Capital Bank.
"I am very pleased to report on the swift and smooth exercise which occurred at all the 53 branches upon the take-over. Day one, which would have been the biggest challenge, was very well-managed by all staff," Sowah told the media.
"Our branches opened as planned to serve customers. It is a sign of excellent things to come and we promise to make a marked difference in customer service experience going forward," Sowah said.
One of the two insolvent banks, UT Bank, is a listed company with a large Small and Medium Enterprise (SME) customer base.
Sowah assured the general public, especially the SME and corporate customers of the preparedness of GCB Bank to continue providing them with excellent service.
He however noted that a skills assessment would be carried out in due course to determine which employees of the two institutions would be retained or laid off.
