News

This Is How GCB Is Terminating The Contracts Of About 1000 UT Bank Employees

Kuulpeeps, y’all know that after GCB took over UT and Capital banks, it meant bad news for some of the employees of the two banks.

Soon after buying UT and Capital banks, the GCB said it was conducting performance appraisals in order to help the new employees from the two banks get used to the GCB way of working.

It has emerged now that after a month of taking over these banks, the Management of GCB Bank Limited has reportedly terminated the appointment of about 1000 workers of the now defunct UT Bank Limited.

The licenses of UT Bank as well as Capital Bank were revoked by the Bank of Ghana, exactly a month ago and approved a purchase and assumption transaction with GCB Bank Limited, transferring all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.

Meanwhile, 3news.com reports that it has sighted a letter dated August 31, 2017 to employees of UT Bank by a Receiver, Vish Ashiagbor, terminating their contracts on behalf of UT Bank.

See Also: 10 Reasons Why We Will Miss UT Bank On Social Media

“We write to explain how the receivership affects you. Your contract of employment with UT has been terminated as a result of the receivership effective August 14, 2017,” a letter to one of the workers read in part.

“Any claim you have against UT such as arrears of salaries, wages, leave, severance pay and other entitlement will be dealt with in accordance with the provisions of the Labour Act, 2003 (Act 651) and the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

See Also: This Is What You Must Know After UT And Capital Banks Collapsed

“Kindly note that your claims are against UT and not the Joint Receivers. The Joint Receivers act on behalf of UT.”

The letter also informed the affected workers that “arrangements will be made in the near future to collect where appropriate all UT properties held by you before final payment of any agreed package is made to you”.

At least, it seems the workers will receive some severance package.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Kuulpeeps is a social news, lifestyle and entertainment brand for the young Ghanaian. Kuulpeeps is leading millennials through the journey of discovering news, engaging with content and interacting with one another through the use of tailored content platforms, social media executions and new media.

What started primarily as a campus focused site is growing into a media brand focused on satisfying the curiosity of young people across different geographic locations and lifestyles. Kuulpeeps seeks to be the leading content brand for youth interaction in Ghana and beyond.

Copyright © 2017 Kuulpeeps.

To Top