Freetown, 8 December 2025 – Rokel Commercial Bank (RC Bank) Limited has been officially approved by the Bank of Sierra Leone (BSL) to acquire Union Trust Bank (UTB) Limited, marking a major consolidation move in Sierra Leone’s banking sector.
The acquisition comes after the central bank placed UTB in resolution and appointed a caretaker management team under Section 69 of the Banking Act 2019.
In its public notice issued today, the BSL confirmed that RC Bank, one of the country’s oldest and most stable financial institutions, will fully take over UTB’s operations once transitional arrangements are completed.
The Bank of Sierra Leone described the transaction as a strategic decision to place UTB under the stewardship of a “strong, stable, and well-capitalised institution,” ensuring long-term security for depositors and uninterrupted banking services.
Key highlights of the acquisition:
– All UTB customers will automatically become customers of Rokel Commercial Bank
– Deposits remain fully safe and protected
– All existing UTB employees will be integrated into RC Bank
– Branch networks, accounts, loans, and services will continue seamlessly during and after the transition
– A BSL-appointed caretaker team will manage UTB until the handover is finalized
The central bank assured the public that the integration process will be professionally managed to minimize any inconvenience to customers.
With this acquisition, Rokel Commercial Bank significantly expands its footprint, customer base, and asset size, further solidifying its position as one of Sierra Leone’s leading indigenous commercial banks.
Customers of both institutions are encouraged to continue normal banking activities.
The Bank of Sierra Leone has reaffirmed its commitment to financial sector stability and depositor protection throughout the transition.
