The receiver of GCB Bank’s purchase of UT and Capital Banks, Price Waterhouse Coopers (PwC) has started issuing letters to the staff of the two defunct banks terminating their employment contracts with the two banks.

According to Accra-based Citi FM, the letters are being written to all the employees of the two defunct banks.

Both banks have about one thousand workers.

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According to PwC, any claim of the workers in terms of salary arrears, 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).

In a related development, PwC has indicated that it will engage the workers’ Union or their representative in the deciding what is due the workers.

But the payment of part or all of the amounts due the workers will be dependent on the timing and level of realization of the two bank’s assets.

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Meanwhile, the Managing Director of GCB Bank, Ray Sowah earlier told Accra-based Citi FM that they will keep some of the staff after a skill assessment.

“We shall conduct a skills assessment as part of integration process we need to know that we can bring everyone onboard or not. 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.”