GCB Bank has terminated the appointments of about 450 workers of defunct Capital and UT banks.
Following the takeover of the two banks, Capital and UT by GCB, workers of the both banks were merged into the workforce of GCB Bank.
However, media sources report that the workers were handed the termination letters Monday 2nd October 2017, in addition to a month’s pay.
The report also claims that management has only retained a few of the old staff of UT and Capital banks who are responsible for some critical duties. About 80 of the dismissed workers are alleged to be from Capital Bank while the rest are from UT Bank.
The development comes after the receiver of the takeover— PricewaterhouseCoopers last month disengaged the services of all 1,356 staff of the two banks.
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GCB had earlier announced it will lay off some of the staff of the two banks after they go through an assessment as part of the integration process.
The Managing Director of the GCB Bank, Ray Sowah during the takeover stated that the bank will undertake periodic assessments to determine the restructuring.
“…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.
 In August 2017, the BoG gave GCB Bank Ltd the green light to acquire two local banks UT and Capital Bank.
A statement from the central bank said, ‘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’.
According to the central bank, it also ‘revoked the Licences of UT Bank Ltd and Capital Bank Ltd. The action became necessary due to severe impairment of their capital’.
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