By George M.O. Williams
Freetown, August 31, 2026: Rokel Commercial Bank (RCB) has announced changes to the account details of former Union Trust Bank (UTB) customers following the successful migration of their accounts onto the RCB banking system.
In a press release issued Monday, RCB confirmed that all former UTB account numbers have been converted to new RCB account numbers as part of the integration process. The bank has advised affected customers to visit their nearest branch or contact the Customer Care Centre to obtain updated account details.
RCB also disclosed plans to redistribute new RCB‑branded cheque books to former UTB customers. Notifications will be sent via SMS or telephone calls to inform customers when and where to collect their cheque books. Those with urgent cheque transactions have been asked to visit their respective branches with valid identification for immediate assistance.
The bank apologized for any inconvenience caused by the transition and assured customers of its commitment to delivering secure, reliable, and improved banking services.
UTB’s Resolution and Transfer to RCB
Union Trust Bank Limited (UTB), Sierra Leone’s only indigenous bank, was formally placed under resolution by the Bank of Sierra Leone (BSL) in December 2025 after years of financial distress. Despite enhanced supervision and repeated directives to recapitalize, UTB failed to meet minimum capital requirements under the Banking Act, 2019.
An independent forensic review by Ernst & Young Ghana in 2024 confirmed worsening asset quality, negative Tier 1 capital, and no realistic prospects for recapitalisation. After exhausting recovery options, the BSL concluded that resolution was the only viable course of action.
Under the Purchase and Assumption framework, UTB’s performing assets and customer deposits were transferred to Rokel Commercial Bank, while non‑performing assets were placed under the management of Kreston Accountants SL Ltd for recovery. All UTB staff were absorbed by RCB, with the Government of Sierra Leone funding End of Service Benefits for affected employees.
The successful completion of the transfer on June 16, 2026 marked a significant milestone in strengthening Sierra Leone’s banking sector. The current migration of account numbers and cheque books represents the final stage of integrating UTB customers into RCB’s system.