Rokel Bank to Take Over UTB Following BSL Resolution

The Bank of Sierra Leone (BSL) has placed Union Trust Bank Limited (UTB) into resolution following a comprehensive supervisory review under the Banking Act 2019, the central bank announced over the weekend.

As part of the resolution, Rokel Commercial Bank has been approved as the acquiring institution and will take over UTB’s operations. In the interim, a caretaker management team appointed by the Bank of Sierra Leone will oversee UTB’s activities until Rokel Bank assumes full control and integrates UTB’s staff and services.

The BSL assured the public that all depositors’ funds remain secure and fully protected, with banking services continuing uninterrupted. The central bank described the process as structured and carefully managed, aimed at preserving financial stability and safeguarding customers’ interests.

Authorities also noted that the acquisition will strengthen the banking sector by transferring UTB’s operations to a more stable and well-capitalized institution, providing long-term security for clients. UTB employees are expected to be absorbed into Rokel Commercial Bank, with the central bank promising a smooth and professionally managed transition.

In a statement, the Bank of Sierra Leone reaffirmed its commitment to protecting depositors and maintaining confidence in the financial system, urging customers to continue their normal banking activities without concern.