Rokel Commercial Bank (RC Bank) has taken full control of Union Trust Bank (UTB) following a decision made by the Bank of Sierra Leone (BSL) to place UTB under resolution. This announcement, officially made on December 8, 2025, highlights a significant shift in the banking landscape of Sierra Leone, as RC Bank steps in to manage the operations of UTB, in accordance with applicable regulatory frameworks outlined in the 2019 Banking Act and the Bank of Sierra Leone Act 2019.
The move to place UTB under resolution was prompted by a comprehensive supervisory review conducted by BSL, which identified the need for a structured intervention to safeguard banking services and protect the interests of customers. In a statement released to the public, the central bank confirmed that RC Bank has been approved as the acquiring institution for UTB, a development that is expected to enhance the stability and reliability of banking services in the region.
BSL reassured stakeholders that the transition process will be meticulously managed to minimize disruption and ensure the continuity of services. During this critical transition period, a management team appointed by BSL will oversee UTB’s operations. This caretaker team is tasked with ensuring that the bank’s affairs are handled efficiently until the integration with RC Bank is fully realized.
One of the most significant aspects of this acquisition is the emphasis on the protection of depositors. The central bank has unequivocally stated that all customer funds will remain safe and fully protected throughout the transition. Customers can expect their banking services to continue seamlessly, with no interruptions to their daily transactions or account access. Furthermore, all employees of UTB will be incorporated into RC Bank, which speaks to the commitment both banks have to preserving jobs and maintaining the workforce’s morale during this transitional phase.
The BSL has urged the public to carry on with their regular banking activities and has reiterated its ongoing commitment to safeguarding depositors and maintaining the financial stability of Sierra Leone. With RC Bank stepping in as a robust and well-capitalized institution, the acquisition presents an opportunity not only to solidify customer confidence, but also to secure the long-term security of banking services in the country.
In summary, the acquisition of UTB by Rokel Commercial Bank represents a crucial step towards strengthening the banking sector in Sierra Leone. It aims to provide a stable solution for customers, while ensuring that the integrity of depositors’ funds is upheld. As the transition progresses, both banks are dedicated to a professionally managed integration, fostering a resilient financial environment for Sierra Leone’s populace.