on august 14, 2017, the central bank of ghana (bog) in its press release announced its approval for the takeover of two indigenous banks, ut bank ltd and capital bank ltd, by gcb bank ltd. bog cited the insolvency of the banks in question, as the major reason for the revocation of their operation licenses. according to bog, upon several agreements with the banks to increase their capital requirements, managers of the banks failed. consequently, to protect customers, the licenses of the banks were revoked under a purchase and assumption transaction with gcb bank ltd.