Rokel Bank MD Addresses Public Concerns Over UTB Acquisition

The Managing Director of Rokel Commercial Bank, Dr. Walton Ekundayo Gilpin, has provided fresh clarity on the acquisition of Union Trust Bank (UTB), stating that the transaction was not sudden but the result of a carefully structured and long-term process within a regulated financial framework.

Addressing growing public debate over the circumstances surrounding the transition of ownership, Dr. Gilpin explained that Rokel Commercial Bank’s role was strictly that of a buyer operating within established commercial banking procedures, rather than an emergency rescuer or decision-maker in the bank’s internal challenges.

“We are just a purchaser,” Dr. Gilpin stated, emphasizing that the acquisition should not be interpreted as a hostile takeover or abrupt intervention.

His remarks come amid continued discussions within Sierra Leone’s financial sector about the future of Union Trust Bank, once regarded as one of the country’s leading indigenous private financial institutions. Questions have been raised in some quarters about whether alternative measures could have been explored to preserve the bank’s independent structure before the acquisition.

However, Dr. Gilpin maintained that the process leading to the takeover unfolded over time, suggesting that it followed a deliberate sequence of regulatory and commercial steps rather than a spontaneous transaction.

According to him, the deal reflects a formal acquisition arrangement designed to ensure continuity and stability within the banking sector, rather than an ad hoc bailout response.

The clarification is expected to ease uncertainty among customers and stakeholders of both institutions, as attention now turns to how the integration process will be managed and what it means for services, operations, and staff under the new structure.

Financial observers say the development marks a significant moment in Sierra Leone’s banking landscape, highlighting ongoing consolidation trends within the sector.