On Monday, 14th August, 2017, the Bank of Ghana ("BoG") issued an announcement confirming that it had approved a Purchase and Assumption transaction whereby GCB Bank Limited ("GCB") would take over all deposits and selected assets of UT Bank and Capital Bank. The banking licences of UT Bank and Capital Bank were revoked under section 123 of the Banks and Specialised Deposit- Taking Institutions Act, 2016 (Act 930 or the "new Banking Act")1 and their respective logos immediately removed.