The Bank of Sierra Leone has ordered the permanent closure of Union Trust Bank, with the 51% state-owned Rokel Commercial Bank set to take over its operations, according to Governor Ibrahim Stevens.
Addressing the public, Governor Stevens stated that the decision was made in accordance with the law and followed earlier regulatory actions taken by the central bank. However, he did not disclose the specific violations that led to the shutdown. He emphasized that the move was necessary to safeguard financial stability and protect depositors’ interests.
He reassured customers that all Union Trust Bank deposits will remain safe. “The transition will happen seamlessly,” he said, confirming that banking services will continue without interruption under Rokel Commercial Bank’s management.
Under the arrangement, Rokel Commercial Bank will assume control of Union Trust Bank’s branches, assets, and liabilities. The Governor also assured UTB staff that their jobs and employment rights will be protected during the transition, helping to prevent job losses as operations are consolidated.
The Bank of Sierra Leone has intensified supervisory oversight in recent years to strengthen compliance and risk management across commercial banks. Governor Stevens noted that the closure reflects the central bank’s commitment to enforcing regulations and maintaining confidence in the financial system.
Rokel Commercial Bank, the country’s largest state-owned bank, will integrate UTB’s operations into its network. Customers of the former bank are expected to be migrated to Rokel’s systems, with continued access to banking services, ATMs, and digital platforms throughout the transition.
Financial analysts suggest the takeover could expand Rokel Commercial Bank’s market presence while reducing systemic risk. For customers of Union Trust Bank, the central bank’s assurances are intended to prevent panic and ensure uninterrupted financial transactions.
The Bank of Sierra Leone has pledged to closely monitor the process to ensure a smooth and stable transition for all affected parties.