GCB Bank Limited (GHSE:GCB) acquired substantially all assets of UT Bank Limited (GHSE:UTB) from UT Bank Limited (GHSE:UTB) on August 14, 2017. Under the terms of the transaction, GCB Bank acquired selected assets and all deposit liabilities of UT Bank. 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. In a related transaction, GCB Bank acquired selected assets and all deposit liabilities of Capital Bank Ltd. The main offices and branches of UT Bank will be under the control of GCB bank and will be opened at 1PM on August 14, 2017, for normal business transactions. The existing channels of service will remain functional while they are rebranded to reflect the change in ownership. Following the completion of the acquisition, the Bank of Ghana revoked the license of UT Bank. The Customers of UT Bank are now customers of GCB bank. All staff in the interim will become staff of GCB bank and GCB Bank will negotiate the terms of their contract. The branches and ATMs of UT Bank will continue to operate as normal as GCB Bank branches and ATMs. The Ghana Stock Exchange has also suspended the listing status of UT Bank following its collapse and subsequent takeover by GCB. The acquisition has been approved by the Bank of Ghana.
GCB Bank Limited (GHSE:GCB) completed the acquisition of substantially all assets of UT Bank Limited (GHSE:UTB) from UT Bank Limited (GHSE:UTB) on August 14, 2017.