Workers Of Defunct Capital And UT Banks Served With Letters Of Termination

The contracts of about a couple thousand workers of the now defunct Capital and UT Banks have been terminated, reports indicate.
The two banks were recently closed down by the Central Bank due to some financial challenges, and one of the biggest questions was about what the eventual fate of their workers.
The CEO of GCB Bank, who have taken over the banks, said that some of the workers would be retained after a skills assessment test have been conducted.
However, Citi Business are now reporting that letters have been issued to workers of both banks announcing the termination of their employments.
“The receiver of GCB Bank’s purchase of UT and Capital Banks, Price Waterhouse Coopers (PwC) has commenced issuing letters to staff of the two defunct banks terminating their employment contracts with the two banks.” a report on their website notes.
“Information available to Citi Business News indicates that the letters are being served to all employees of the two affected banks.” the report continues.
It adds: “This is expected to affect about one thousand workers both of former UT and Capital banks.
“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).”