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General News of Monday, 14 August 2017

Source: My News GH

Customers of UT and Capital Banks stranded; express frustrations

Customers of UT and Capital Banks have been left stranded at their various bank premises in parts of the country after they turned up on Monday to transact business with their respective banks.

The licenses of the two have been revoked in an announcement put out by the Bank of Ghana (BoG) with a directive that the GCB Bank limited should take over.

On Monday morning, there were ongoing rebranding exercises with officials indicating that it is only after 1 pm customers could gain access to the banks to transact business.

Meanwhile, Ghana Stock Exchange (GSE) has terminated the listing status of UT Bank Limited indefinitely indicating that breached the GSE’s Listing Rules by failing to publish its financial results since the end of its financial year December 31, 2015.

Read full text below;

Below is the full statement:

The Ghana Stock Exchange (GSE) has with effect from Monday, August 14, 2017 suspended the listing status of UT Bank Limited indefinitely.

UT Bank has failed to publish its financial results since the end of its financial year December 31, 2015. The non-publication is in breach of the continuing listing obligations under the GSE Listing Rules. The GSE has collaborated closely with Bank of Ghana (BoG), the regulator for banks on this matter.

The suspension has also become necessary due to the revocation of the licence of UT Bank by BoG effective Monday, August 14, 2017 in a letter to the Exchange dated August 11, 2017. In the said BoG letter, the BoG has approved a purchase and assumption agreement by GCB Bank Limited to acquire the total deposit liabilities and some selected good assets of UT Bank.

The GSE will continue to collaborate closely with BoG and the Securities and Exchange Commission to ensure that the interest of shareholders of UT Bank are protected in accordance with the GSE Rules and any guidelines or notices that may be issued by BoG.

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