The employees of defunct UT and Capital Banks will be fully migrated onto the working conditions of GCB Bank from September 2017.

According to Accra-based Class FM, the staff of the two defunct banks were informed of this development at an engagement with their new employers over the weekend.

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This will mean some workers will getting pay cuts while others could benefit greatly.

The workers of the two banks were informed that their salary levels from their old employers will be maintained only for August 2017.

But, every employee will from September benefit from what their colleagues of GCB Bank are enjoying.

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Meanwhile, 6 months after GCB Bank’s takeover of both institutions, some of the employees would be laid off. This is expected to happen after the completion of the initial integration process from the first quarter of 2018.

GCB Bank Limited on Monday, 14 August 2017, took over transfers of all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd after a purchase agreement as the two banks were struggling to operate financially.