Over 700 former workers of the now defunct UT and Capital banks are set to lose their jobs as the takeover bank GCB has begun issuing out termination letters.

The affected staff have already received letters asking them to proceed home.

Starr News understands GCB is only retaining clerical and top management staff of the collapsed banks.

Sources have also hinted Starr News that GCB will retain and manage just about 20 branches of the collapsed banks nationwide.

The development comes after the receiver of the takeover PricewaterhouseCoopers last month disengaged the services of all 1356 staff of the two banks.

The Bank of Ghana approved the takeover of Capital Bank and UT Bank by the GCB Bank Ltd.

A statement by the Central Bank stated that it has “approved the 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”.

The statement also added the “Bank of Ghana has revoked the Licenses of UT Bank Ltd and Capital Bank Ltd. 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)”.