Mr Ray Sowah, the Managing Director of GCB Bank, told a news conference that the Bank would also review the current positions and situations against the planned strategy, organisational structure and staffing requirements of the expanded GCB Bank for right-sizing.

He said as a result some jobs might eventually be affected but GCB Bank would take steps to ensure it minimised the adverse impact of the integration. “This is an expanded institution and as we go through the integration we should know what jobs to close down and what jobs to retain,” he said.

GCB Bank on Monday assumed the 53 branches of both UT and Capital banks, thereby growing its network to 214 branches across the country. GCB Bank assumed the customer deposits and will also assume select assets working with the Receiver (PriceWaterhouseCoopers).

Mr Sowah said upon the revocation of the licenses, the staff of UT and Capital bank ceased to be employees of the erstwhile banks. However, all claims relating to their previous employment remained with the Receiver.

He said the GCB Bank, with the experience and capacity of running a sustainable and profitable institution over six and half decades, had the mettle to take up the two insolvent banks to build an even stronger bank.

Mr Sowah said the expanded network of branches would position GCB to attract deposits from various sectors and parts of the country at a much lower cost. “This will enable us on-lend at lower interest rates for the benefit of the SME sector, long identified as the back-bone of the national economy,” he said.

Mr Sowah said the Bank’s relationship managers would be in close contact with the SMEs and corporate customers to ensure that it provided them with excellent services that would promote the sustainability and profitability of their businesses.The liquidation of the two banks had become necessary due to the severe impairment of their capital.