The Bank of Ghana has approved the Purchase of Assumption transaction with Ghana Commercial Bank (GCB Bank) Ltd that transfers all deposits and selected assets of UT Bank Ltd to GCB Bank Ltd.
The Bank of Ghana has revoked the lincences of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impairment of their capital.
The remaining assets and liabilities will be released and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of Pricewater House Coopers (PwC).
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