Business News of Wednesday, 5 February 2020Source: www.ghanaweb.comFlashback : GCB Bank absorbs 70% of UT, Capital banks’ staffFile photoOn August 2017, the Bank of Ghana (BoG) announced its approval for the takeover of two local banks, UT Bank and Capital Bank, by GCB Bank Ghana Limited. The central banks announcing the takeover of the two local banks also saw an absorption of staff from the two collapsed banks by the GCB Bank. Thereafter, the BoG gave an ultimatum to all commercial banks in Ghana to meet up the new minimum capital requirement before the end of 2018. Read the full story originally published on February 5, 2017, on GhanaWeb belowRead the full story originally published by pulse.com.gh below:GCB Bank has absorbed about seventy (70) percent of the permanent staff of defunct UT and Capital Banks. A statement on the issue and copied to Citi Business News said, “As a result of the integration, staff numbers have been rationalized and GCB has absorbed almost 70 percent of the permanent staff of those banks.”However, GCB Bank has dispensed the services of contract staff of the two banks.

Source: GhanaWeb February 05, 2020 12:56 UTC