By Josephine Sesay
Rochel Commercial Bank (RCBank) is poised to take full control of Union Trust Bank (UTB) after the Bank of Sierra Leone (BSL) placed UTB under resolution, the central bank announced on Monday.
According to BSL, the decision follows an extensive supervisory review carried out in accordance with Section 69 of the 2019 Banking Act and Section 5(1)(c) of the Bank of Sierra Leone Act 2019, which empowers the central bank to intervene in troubled financial institutions to safeguard the stability of the banking sector.
In a statement released on 8 December 2025, the central bank confirmed that Rokel Commercial Bank Limited has been approved as the acquiring institution and will assume full management of UTB once transitional arrangements are finalized.
RC Bank will assume operations once transition arrangements are complete, ensuring smooth integration of services for all customers, the statement noted Assurance of Stability and Continuity
The BSL emphasized that the acquisition is designed to safeguard depositors and ensure the uninterrupted delivery of banking services nationwide. A caretaker management team appointed by the central bank will oversee UTB’s operations throughout the transition period.
The central bank further reassured the public that, all depositor funds remain safe and fully protected, Banking services will continue without any disruption, all UTB employees will be absorbed into RCBank as part of the acquisition process.
The move places UTB under the control of what the central bank describes as a strong, stable, and well-capitalized institution, expected to provide long-term security for customers and maintain confidence in Sierra Leone’s financial system.
UTB, once one of Sierra Leone’s notable indigenous banks, has faced increasing regulatory scrutiny in recent years. Its placement under resolution marks one of the most significant interventions by the Bank of Sierra Leone under the revised banking regulatory framework introduced in 2019. RCBank’s takeover is expected to consolidate the commercial banking sector and strengthen overall financial stability.
Copyright –Published in Expo Times News on Wednesday, 10th December 2025 (ExpoTimes News – Expo Media Group (expomediasl.com)
