Freetown, 8th December 2025 – The Bank of Sierra Leone (BSL) has announced that Union Trust Bank (UTB) Limited has been placed in resolution, following what officials described as a “thorough supervisory review” under the Banking Act 2019.
Resolution, in banking terms, is a formal process where regulators step in to restructure or transfer a troubled institution to protect depositors and maintain financial stability.
In a statement issued over the weekend, the central bank confirmed that Rokel Commercial Bank (RC Bank) has been approved as the acquiring institution for UTB, paving the way for a full takeover once transition arrangements are finalized.
“This decision forms part of a structured, well-managed process designed to ensure continuity of banking services and protect the interests of all customers,” the Bank of Sierra Leone said.
According to the release, a caretaker management team appointed by the BSL will oversee UTB’s affairs during the transition period. Once integration is complete, RC Bank will assume full operations, incorporating UTB’s staff and services into its portfolio.
Officials stressed that depositors’ funds remain secure. “All depositors’ funds remain safe and fully protected. All banking services will continue without disruption,” the statement assured.
The central bank further emphasized that the acquisition will strengthen the sector by placing UTB’s operations under a “strong, stable, and well-capitalised institution,” ensuring long-term security for customers.
Employees of UTB are also expected to be absorbed into RC Bank as part of the process. “The transition to RC Bank will be smooth and professionally managed,” the BSL noted, urging the public to continue their regular banking activities without concern.
The Bank of Sierra Leone reiterated its commitment to safeguarding depositors and maintaining financial stability.
