UT Bank bosses sacked

Heads appear to be rolling following the collapse of two financial institutions – UT Bank and Capital bank – on Monday as a result of their insolvency.

Information reaching DAILY GUIDE indicates that Stephen Antwi-Asimeng, Chief Executive Officer (CEO) of the defunct UT Bank and Gillian Slater, Chief Operating Officer (COO), have been asked to go home with immediate effect.

This follows the collapse of the once vibrant banks, which collectively had 53 branches, as at the time of the takeover by GCB Bank on Monday.

These banks are currently being absorbed by GCB Bank Limited which increased its current branches nationwide from 161 to 214.

Mr. Antwi-Asimeng assumed the position of CEO with over 25 years of solid professional experience in Banking & Finance, Investment, Management and Leadership, while Ms Slater joined as a seasoned financial professional, with over 20 years of experience gained in several multinational organizations.

During her appointment, she was tasked to drive UT Bank’s financial performance with direct supervision over the finance, treasury and investor relations.

DAILY GUIDE has also been informed that all general managers at the bank have been given six months’ contract, and every other category of staff has been urged to re-apply. Even though workers of the banks have been told not to worry their heads over any job losses in the interim, they are expected to be put on rigorous probation, as GCB Bank undertakes a skills set analysis to determine who would be maintained or sacked.

This exercise is billed to run into the next six months when the full absorption of their companies into the GCB system would have been completed.

The Bank of Ghana (BoG) has also announced that it was carrying out a forensic audit into the causes of the banks’ insolvency, as well as roles played by the directors to ascertain the underlying factors.

To help carry out proper investigations, vehicles of both banks have been grounded for verification by the receiver – Pricewaterhouse Coopers (PwC).