‘Curses from UT Bank customers caused Bank’s collapse’

Curses upon curses rained on the founder of the UT Bank by customers of the Bank and all who went to the institution for loans for various purposes played a major role in the collapse of the financial institution.
The curses, according to the Central Regional Chairman of the National Democratic Congress (NDC) played a major role in the collapse of the bank as there were too many tongues waging war against the Bank and the CEO.
The curses, according to Allotey Jacobs were rained by persons who had their assets seized by the operators of the Bank after using them as collateral to contract loans from the company.
“Curses from customers of UT Bank are even part of the collapse of the bank, those who had their properties seized after taking loans are part of the problem…they prayed against the bank…,” Allotey Jacobs said on Adom FM’s Morning Show, ‘Dwaso Nsem’ on Tuesday.
Workers of UT Bank, Allotey claimed are ‘even aware of the curses and hence have been attending church services to reverse the curses.’
On Monday, the Bank of Ghana announced the complete takeover of UT Bank Limited and Capital Bank Limited by the GCB Bank Limited after revoking the licences of the two commercial banks.
The central bank attributed its actions to the severe impairment of the capital of the two banks, adding that it approved a Purchase and Assumption (P&A) transaction involving the banks to protect depositors’ funds and strengthen Ghana’s financial sector.
Addressing a press conference in Accra, the Governor of the Bank of Ghana, Dr Ernest Addison emphasized that no depositor will lose his or her funds and all depositors can continue to do normal banking business with GCB Bank.
He said under the Purchase and Assumption (P&A) transaction, GCB Bank will acquire all deposits and some selected assets of UT Bank and Capital Bank. The premises of UT Bank and Capital Bank, Dr Addison added will now be rebranded as branches of GCB Bank with all customers continuing normal banking business at these branches.
“UT Bank and Capital Bank were heavily deficient in capital and liquidity and their continuous operation could have jeopardized not only their depositors’ funds but also posed a threat to the stability of the financial system. It, therefore, became necessary for the Bank of Ghana to revoke their licenses and approve a Purchase and Assumption (P&A) transaction to allow GCB Bank, a large bank with the right balance sheet, to take over all deposits and selected assets of UT Bank and Capital Bank.