Business News of Tuesday, 15 August 2017
Source: classfmonline.com
Former Director General of the Security and Exchanges Commission, Dr Adu Antwi, has asked all shareholders in the banking sector to inject more capital into the operations of their banks in order to prevent them from folding up.
According to him, one of the roles of shareholders is to ensure that the banks are oiled with cash, especially in difficult times. To that end, shareholders in Ghana must work to meet this requirement.
His comments follow the takeover of UT Bank Ltd and Capital Bank Ltd by GCB Bank as the two banks were struggling to operate financially.
A statement issued by the Bank of Ghana on Monday, August 14 said: “The Bank of Ghana has approved a Purchase and Assumption transaction with GCB Bank Limited that transfers of all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd. The Bank of Ghana has revoked the licenses of UT Bank Ltd and Capital Bank Ltd. "