Union Trust Bank Was Closed And Transferred to Rokel Commercial Bank – Bank of Sierra Leone Explains

The Bank of Sierra Leone (BSL) has provided detailed reasons behind the resolution of Union Trust Bank Limited (UTB), describing the move as a necessary regulatory intervention aimed at protecting depositors, maintaining confidence in the banking sector, and safeguarding financial stability.
Speaking at a press conference held today at the Bank of Sierra Leone headquarters in Freetown, Governor Dr. Ibrahim L. Stevens explained that UTB had become insolvent after years of failing to meet the minimum capital requirements prescribed under the Banking Act, 2019.
According to the Governor, UTB’s paid-up capital stood at only NLe33.82 million as of December 2025, significantly below the required NLe122 million under the first phase of the banking sector capital framework. The bank had also accumulated retained losses of NLe328.52 million, resulting in a severely negative capital position.
Despite repeated directives requiring shareholders and management to inject additional capital, strengthen governance, improve asset quality, and restore profitability, the bank was unable to recover.