The Governor of the Bank of Ghana, Dr Ernest Addison said “the last phase of the BoG’s action would involve a thorough investigation of operations of UT Bank and Capital Bank and appropriate action will be taken against shareholders, Directors, and key a Management personnel who are found to be culpable.”
The Bank of Ghana (BoG) will sanction officials whose actions caused UT Bank and Capital Bank to collapse.
This was disclosed by the governor of the Bank of Ghana, Dr Ernest Addison at a press conference held in Accra on Monday (August 14, 2017).
“The last phase of the BoG’s action would involve a thorough investigation of operations of UT Bank and Capital Bank and appropriate action will be taken against shareholders, Directors, and key a Management personnel who are found to be culpable.”
He added that “UT Bank and Capital Bank were heavily deficient in capital and liquidity and their continuous operation could have jeopardized not only their depositors’ funds but also posed a threat to the stability of the financial system.”
“It, therefore, became necessary for the Bank of Ghana to revoke their licenses and approve a Purchase and Assumption (P&A) transaction to allow GCB Bank, a large bank with the right balance sheet, to take over all deposits and selected assets of UT Bank and Capital Bank,” he added.
His comments come after the Bank of Ghana announced the take-over of the two banks by GCB Bank.
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