A former Managing Director of Amal Bank (now Bank of Africa) Menson Torkonu has urged customers of UT and Capital banks not to panic in the wake of news that the Bank of Ghana has approved the takeover of the two banks by GCB.

“I don’t believe anybody is going to lose money,” he said Monday August 14, 2017 on Morning Starr, adding: “I will tell all customers not to panic at all.”

A statement from the BoG approving the takeover said the “Bank of Ghana has revoked the Licenses of UT Bank Ltd and Capital Bank Ltd.”

It added, “This action has become necessary due to severe impairment of their capital. 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).

Meanwhile, the BoG has given assurance that it will be business as usual at both banks today.

“The main offices and branches of UT Bank and Capital Bank will be under the control of GCB bank and will be opened at 1pm today for normal business transactions. Customers of UT Bank and Capital Bank are now customers of GCB bank.

“All deposit customers will continue to have access to their funds. UT Bank and Capital Bank branches and ATMs will continue to operate as normal as GCB bank branches and ATMs. All staff in the interim will become staff of GCB bank and GCB Bank will negotiate the terms of their contract.

“GCB was selected amongst 3 others on the basis of purchase vice, cost of funding, branches to be retained, staff to be employed and impact on the acquiring bank’s capital adequacy ratio.”