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  • New Minimum Capital For Banks To Be Announced

    August 15, 2017 8:01 AM 4

    The Minister of Finance, Mr Ken Ofori-Atta, has hinted of plans by the government and the Bank of Ghana (BoG) to announce a “substantial increase” in the minimum capital of banks. The announcement is to be made in the next two to three weeks’, the minister said, explaining that the new figure would aim at strengthening "the banking infrastructure and cut down on certain

  • UT, Capital Bank customers stranded

    August 15, 2017 7:43 AM 1

    The notices said the BoG had revoked the licences of the UT Bank and the Capital Bank due to severe impairment of their capital, adding that “the remaining assets and liabilities will be realised and settled, respectively, through a receivership process.” However, operations at the branches resumed later in the afternoon under GCB Bank’s supervision

  • SoundCloud is here to stay, Chairman says

    August 14, 2017 8:47 PM 4

    SoundCloud Music streaming service is here to stay, Chairman says In July 2017, SoundCoud was forced to let go of 40% of its staff to cut down on costs. Despite this downsize, the platform still faced closure before a New York-based merchant bank The Raine Group and a Singapore-based investment company Temasek gave the platform new funding

  • Mumuadu Rural Bank makes GH¢2.1 million profit

    August 14, 2017 7:13 PM 2

    Osino (E/R), Aug. 14, GNA – The Mumuadu Rural Bank made a profit of GH¢2.1 million last year, an increase of 39.9 per cent over the profit made the previous year. This was announced by Mr. Seth Adom-Asomaning, Chairman, Board of Directors of the Bank, at the 29th Annual General Meeting of shareholders at Osino. He said despite the strong competition

  • All banks now within capital adequacy threshold- Governor

    August 14, 2017 7:03 PM 2

    The Governor of Bank of Ghana, Dr. Ernest Addison, has assured the public that there are no more banks currently in distress that will call for the revocation of their licenses. “Ladies and Gentlemen, you will recall that after the AQR [Asset Quality Review] exercise, a number of banks were not compliant with the capital adequacy ratio. I am happy to report

  • BoG to announce new capital requirements in September

    August 14, 2017 4:31 PM 2

    The Bank of Ghana (BoG) in the coming weeks will announce a new capital requirements for the banking sector. Dr Addison was speaking at the business luncheon after the 36th annual general meeting of the Ghana Association of Bankers in Accra. He called on the banks to prepare adequately because there would be a substantial increase. Mr Ken Ofori-Atta

  • UT, Capital Banks Were On Life Support For 2yrs

    August 14, 2017 4:10 PM 2

    The Bank of Ghana (BoG) says the forced takeover of UT Bank and Capital Bank on Monday morning is an action of last resort after the fortunes of the two banks continually deteriorated despite being on life support for two years, reports Maxwell Adombilla Akalaare. The two banks had been on life support since 2015 and the BoG had been giving them money

  • Bank of Ghana to investigate, prosecute directors of UT Bank and Capital Bank

    August 14, 2017 1:28 PM 1

    Bank of Ghana says the last phase of the revocation of the licenses of the two distressed banks announced this morning, UT Bank and Capital Bank will be to thoroughly investigate their operations and if any of the directors is found culpable, they would be prosecuted. The Bank of Ghana announced this morning that the GCB Bank has taken over UT Bank and Capital

  • GCB wipes off UT bank logo at branches

    August 14, 2017 10:42 AM 2

    Rebranding of the head office of UT bank into GCB is currently underway following the takeover of their operations by the Ghana Commercial Bank. Insignia experts are currently at the scene doing the complete makeover. Staff of the company have been locked outside awaiting clearance before they could be given entry. The Bank of Ghana has approved the takeover

  • UT Bank, Capital Bank collapse: No panic withdrawals so far – BoG

    August 14, 2017 10:02 AM 1

    There has not been any panic withdrawals at various branches of both Capital and UT Banks, following GCB Bank’s takeover of both banks, Bank of Ghana has indicated. The Bank of Ghana confirmed the takeover of UT Bank and Capital Bank by GCB Bank in a statement on Monday morning, announcing that it had “approved a Purchase and Assumption transaction with GCB Bank Ltd that transfers