The Bank of Ghana has approved a 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.\nThe Bank of Ghana has revoked the Licences of UT Bank Ltd and Capital Bank Ltd.\nThis action has become necessary due to severe impairment of their capital. The remaining assets and liabilities will be realized and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC).\nThe main offices and branches of UT Bank and Capital Bank will be under the control of GCB bank and will be opened at 1 pm 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.\nUT 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.\nGCB was selected amongst 3 others on the basis of the purchase price, cost of funding, branches to be retained, staff to be employed and impact on the acquiring bank\u2019s capital adequacy ratio.\nThe Bank of Ghana assures the public that all customers can continue normal banking business at all UT Bank and Capital Bank facilities which are now branches of GCB bank.\nThe approval by the Bank of Ghana of this transaction is to strengthen Ghana\u2019s banking sector, ensure financial stability and protect depositors\u2019 funds.\nThe Bank of Ghana reassures customers of UT Bank and Capital Bank that their money is safe and they can continue to do business at their respective branches which are now the branches of GCB Bank.