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Business News of Tuesday, 15 August 2017

Source: citifmonline.com

UT, Capital Banks staff to undergo skills assessment – GCB

Staff of former banks; UT Bank and Capital Bank will undergo skills assessment requirements to qualify for employment at the GCB bank.

This was revealed by the Chief Executive Officer (CEO) of GCB, Raymond Sowah on Tuesday during a press conference.

“…We shall conduct a skills assessment as part of integration process we need to know that we can bring everyone onboard or not. This is an expanded institution and as we go through the integration we should know what jobs to close down and what jobs to retain,” he added.

He made the comment on the back of GCB’s force takeover of UT and Capital banks on Monday.

GCB bank was given the opportunity to assume ownership of the two banks because according to the Bank of Ghana (BoG) they have “severe impairment of their capital.”

BoG also revoked the licenses of the two banks while the Ghana Stock Exchange (GSE) also suspended the listing status of UT Bank.

Citi News understands that the staff of the two banks who are a little over a thousand will be under probation for about six months under GCB before termination of their contracts.

It is believed that following the probation at least a quarter of workers of both banks will be absorbed while the remaining are likely to lose their jobs.

Mr. Sowah at the press conference also explained that the decision to acquire the two banks was not an easy task.

“GCB was the most profitable bank last year. We must be doing something right to have gotten ourselves to that position. Banks go through some cycles, some good some bad. We are aware of the needs of the customer base that we have and I also want to assure you that we did not take the decision to assume the management of these two banks lightly. We recognize that there are certain things that we can learn from them and as well as certain things that they can learn from us. And that is why we will ensure that we integrate with these institutions seamlessly so that they can bring whatever good they have to deal with their customers.”

The GCB CEO also assured that deposits of customers of both banks will not be lost following the takeover.

“We will take this opportunity to assure all depositors of the two erstwhile banks that their deposits are protected. You can go to the branches that you have used from time immemorial and you will be served,” he added.