Customers of the Adabraka branch of Unique Trust (UT) Bank have threatened to halt all forms of financial dealings with the bank after its license was revoked.
The customers who besieged the premises of UT Bank in the early hours of Monday, expressed their frustration in relation to the recent takeover by the Ghana Commercial Bank (GCB), hinting that they were not pre-informed about the situation while threatening to withdraw their cash and close their UT bank accounts.
On Monday, the BoG announced the decision to revoke the licenses of UT Bank and Capital Bank, due to the inability of both UT Bank and Capital Bank to turn around their negative capital adequacy position which has lingered on for some time now.
In simple language terms, the action has been taken against these affected banks due to their “terrible” financial situation and their inability to perform within the banking industry.
A press statement released by the BoG revealed that it (BoG) has approved a Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.
However, the majority of customers were uncomfortable with the takeover by GCB, claiming they might not like the new management as compared to that of Unique Trust.