Rokel Commercial Bank is set to take over the management of Union Trust Bank after the latter was placed under Resolution by the Bank of Sierra Leone in line with Section 69 of the 2019 Banking Act and Section 5(1) (c) of the Bank of Sierra Leone (BSL) act 2019.
In a press release dated 8th December 2025, the Bank of Sierra Leone stated;
“the decision follows a thorough supervisory review and forms part of a structured, well-managed process designed to ensure continuity of banking services and protect the interest of all customers”
The Central Bank furthered that a strong, stable and well capitalized institution like Rokel Commercial Bank would provide “long – term security” for depositors at UTB. The release also assured the public that banking services from UTB would continue smoothly and customers deposits remain safe and fully protected. The transition period would be managed by a BSL appointed interim caretaker. The acquisition would equally not affect UTB employees as they would be fully incorporated into RCBANK.
The move by the Bank of Sierra Leone has generated a lot of reactions from the general public with most people describing the move as very timely as well as tacit endorsement of the exemplary leadership of Rokel Commercial Bank from the Central Bank.
Over the years, RCbank had emerged from a loss-making to one of the most profitable financial institutions in Sierra Leone. Quite recently, the bank, led by its enigmatic Managing Director visited neighbouring Liberia to hold talks aimed at establishing a presence in that country – confirming it’s quest sub-regional dominance. Dr Walton Ekundayo Gilpin who has remained a pivotal force in the bank’s growth and transformation wasn’t readily available for comments. A close aid has however confirmed that the erudite banker is in very high spirits to take up another major challenge of turning round the fortunes of another Sierra Leonean bank.
