BoG licenses three more Banks

The Bank of Ghana has announced that three more Banks have been licensed to begin operations in the country soon.

The banks will take the number of licensed banks in the country to 34 after two banks – UT Bank and Capital Bank – collapsed on Monday.

The governor of the Bank of Ghana Dr. Ernest Addison addressing a press conference Monday, August 14, stated that the three banks have gone through all due process and have been licensed for takeoff.

The Ghana Stock Exchange (GSE) on Monday deleted UT Bank Limited from entities listed on the country’s stock exchange.

It followed the Bank of Ghana’s revocation of UT Bank and Capital Bank’s licenses. The action, according to the Central Bank “has become necessary due to severe impairment of their capital.”

The two banks have been taken over by the GCB Bank and that the remaining assets and liabilities will be realised and settled respectively through a “receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC).”

Offices of UT Bank and Capital Bank were rebranded on Monday to reflect GCB Bank following the takeover.

GCB bank has assured customers of the two collapsed banks that their monies are safe following the takeover by GCB.