RCBank Takes Over UTB
By George M.o. Williams
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 December 8, 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 interests of all customers.”
The Central Bank further said 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 would remain safe and fully protected.
The transition period would be managed by a BSL-appointed interim caretaker. The acquisition would not equally 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 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 its quest for 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 aide 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.
The Bank of Sierra Leone assured that the transition will be smooth and professionally managed, reinforcing confidence in the stability of the country’s financial sector.
This decision was reached following the death of the Managing Director and CEO of UTB, James Sanpha Koroma (Dr.).
Union Trust Bank is the only private indigenous bank in Sierra Leone.
Union Trust Bank Limited (UTB) was incorporated on 26th April 1995 as a private limited liability company under the Companies’ Act (Cap.249) of the Laws of Sierra Leone. It is licensed by the Bank of Sierra Leone to carry on banking business under the Banking Act, 2000.
The shareholders of the bank, comprising indigenous individuals and corporate entities, constitute a cross-section of the principal actors in the national economy.