The GCB bank has stated that the acquisition of Capital bank and UT bank was not an overnight decision.
Speaking at a press conference on Tuesday, the Managing Director of the GCBbank Ray Sowah said “this was not an overnight decision. It was a decision taken very carefully and strategically”.
He stated that the decision GCB took was an opportunity to move the bank in a particular direction they have projected.
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The Bank of Ghana (BoG) announced on August 14 2017 the withdrawal of the licence of Capital and UT bank, paving the way for a GCB Bank takeover.
The action was taken against these affected banks due to their “terrible” financial situation and their inability to perform within the banking industry.
Mr. Sowah said the expansion will pose some challenges but the company is prepared to see itself through.
However he said as the integration takes place, GCB bank will take advantage of the some of the qualities and culture these two banks had.
“These banks have unique attributes that we can use to enhance our brand” he stated.
The Managing Director will not give details about the entire cost of the transaction but was quick to say his outfit is ready for a takeover.
“We are a business and we believe we can deal with the expenses”, he stated.
Mr. Sowah added “as for profits they are hopeful the expansion will give profits”.
However, he assured customers of the two previous banks that their deposits are safe and can walk into any of the branches of the bank and conduct their businesses.
He added that they will conduct an assessment process to know who can come on board or not as part of the integration process.