The Governor of the Bank of Sierra Leone, Ibrahim Stevens, has announced the permanent closure of Union Trust Bank (UTB), confirming that Rokel Commercial Bank (RCBank) will assume full responsibility for the institution’s operations as part of a regulatory intervention aimed at safeguarding depositors and maintaining financial stability.
Speaking on the transition, Governor Stevens assured customers that their deposits remain secure and that the transfer of services to Rokel Commercial Bank would be carried out seamlessly.
He emphasized that the decision was taken in accordance with the provisions of the Banking Act 2019 and follows earlier supervisory and regulatory actions undertaken by the central bank.
The Bank of Sierra Leone had previously placed UTB under a resolution process after a supervisory review of the bank’s condition. Under the arrangement, a caretaker management team appointed by the central bank oversaw UTB’s affairs before the transition to Rokel Commercial Bank was finalized.
Authorities have reiterated that all customer deposits are fully protected and that banking services will continue without interruption during and after the transition. The central bank also indicated that UTB employees would be absorbed into Rokel Commercial Bank as part of the takeover process, helping to preserve jobs and ensure continuity of service.
Rokel Commercial Bank, which is majority state-owned with a 51 percent government stake, was selected by the Bank of Sierra Leone as the acquiring institution. Regulators have described the move as a measure to place UTB’s operations under a stronger and well-capitalized institution capable of providing long-term security for customers and supporting confidence in the banking sector.
Founded in 1995, Union Trust Bank had long described itself as Sierra Leone’s only privately owned indigenous commercial bank and maintained branches across the country. The takeover marks one of the most significant developments in Sierra Leone’s banking sector in recent years.
The Bank of Sierra Leone has urged customers to continue their normal banking activities, stressing that the transition is being managed professionally to protect depositors and preserve confidence in the country’s financial system.
