The Bank of Sierra Leone (BSL) has placed Union Trust Bank (UTB) Limited into resolution following a comprehensive supervisory review under the Banking Act 2019, the central bank announced over the weekend.

Under the resolution, Rokel Commercial Bank (RC Bank) has been approved as the acquiring institution and will take over UTB’s operations once the transition is complete. During this period, a BSL-appointed caretaker management team will oversee UTB’s affairs to ensure continuity of services.

The central bank emphasized that all depositors’ funds remain secure and fully protected, and that banking services will continue without interruption. BSL described the resolution as part of a structured, well-managed process designed to preserve financial stability and protect customers’ interests.

Authorities highlighted that the acquisition will strengthen the banking sector by placing UTB’s operations under a stronger, stable, and well-capitalized institution, providing long-term security for clients. UTB employees will be fully incorporated into Rokel Commercial Bank as part of the transition.

In its statement, the Bank of Sierra Leone reiterated its commitment to safeguarding depositors and maintaining confidence in the financial system, encouraging customers to continue their regular banking activities without concern.