Bank of Sierra Leone Transitions UTB to RCB

Bank of Sierra Leone Transitions UTB to RCB

The Bank of Sierra Leone has assumed regulatory control of Union Trust Bank (UTB), transitioning its operations to Rokel Commercial Bank to ensure financial stability and protect depositor interests. 

Governor Ibrahim Stevens has confirmed that banking services will proceed without interruption and that measures are in place to safeguard staff positions. 

Concurrently, the UTB Staff Association has formally raised concerns regarding the processing of terminal benefits, citing the need for adherence to the Employment Act 2023 and Banking Act 2019. 

The association is advocating for transparent consultation and full statutory compliance regarding all redundancy procedures, while affirming the staff's commitment to maintaining operational continuity.