The Bank of Sierra Leone’s decision to place Union Trust Bank under the management of Rokel Commercial Bank (RCB) is a resounding endorsement of the latter’s stability, expertise, and leadership. This move, made in accordance with Section 69 of the 2019 Banking Act and Section 5(1)(c) of the Bank of Sierra Leone Act 2019, is a testament to RCB’s strength and ability to navigate complex financial situations.
Under the visionary leadership of Dr, Walton Ekundayo Gilpin, RCB has demonstrated a remarkable turnaround, transforming from a loss-making entity to a profitable and robust financial institution. This achievement is a testament to Dr Gilpin’s exceptional leadership and strategic vision.
The Bank of Sierra Leone’s confidence in RCB is not misplaced. The bank’s track record of excellence, coupled with its commitment to innovation and customer-centricity, makes it an ideal partner to steer Union Trust Bank towards stability and growth. RCB’s recent foray into regional expansion, including talks with Liberia, underscores its ambition to become a dominant player in the sub-region.
This move is a win-win for all stakeholders. UTB customers can rest assured that their deposits are safe and secure, and banking services will continue uninterrupted. The transition, to be managed by a BSL-appointed interim caretaker, will ensure a seamless handover. Moreover, UTB employees will be fully integrated into RCB, ensuring job security and growth opportunities.
The public’s reaction to this news has been overwhelmingly positive, with many viewing it as a timely and strategic move. It is a clear indication that the Bank of Sierra Leone is committed to maintaining the stability of the financial sector and protecting the interests of depositors.
As RCB takes the helm, we are confident that Dr Gilpin and his team will leverage their expertise to revitalise Union Trust Bank and further solidify RCB’s position as a leading financial institution in Sierra Leone. This is a proud moment for the banking sector, and we look forward to witnessing RCB’s continued growth and success.
