30 August 2017

BoG rectifies UT and Capital Bank ‘blunder’

Following Citi Business News’ revelation that the defunct Capital and UT Banks are still on the list of banks in Ghana, the Bank of Ghana has amended its list of commercial banks.

The two banks have since been assumed by GCB in a purchase and agreement arrangement approved by the Central bank on the 14th of August, 2017.

But a visit to the website of the BoG as at Tuesday, August 29, 2017, showed that Capital and UT Banks still had their Bank Identifier Codes (BICs) still posted as part of the thirty-one banks and three non-bank financial institutions.

However, subsequent checks have revealed that the Bank of Ghana has rectified the anomaly.

The BIC code is an identification mechanism used by commercial banks to send money overseas.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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