Rokel Commercial Bank (RCBank) is set to take over the management of Union Trust Bank (UTB) after the Bank of Sierra Leone placed UTB under Resolution, in line with Section 69 of the 2019 Banking Act and Section 5(1)(c) of the Bank of Sierra Leone Act 2019.
In a press release dated 8 December 2025, the Central Bank said the decision followed “a thorough supervisory review” and is part of a structured process aimed at ensuring continuity of banking services and protecting the interests of customers.
The Bank of Sierra Leone described Rokel Commercial Bank as a strong, stable and well-capitalised institution capable of providing “long-term security” for UTB depositors. The statement also assured the public that UTB’s services will continue without disruption and that customer deposits remain safe and fully protected.
According to the announcement, an interim caretaker appointed by the Central Bank will manage the transition period. Employees of Union Trust Bank are expected to be fully incorporated into Rokel Commercial Bank, meaning the acquisition will not affect staff jobs.
The move has generated wide public reaction, with many describing it as timely and as a sign of confidence in Rokel Commercial Bank’s recent performance. RCBank has grown from a loss-making institution to one of Sierra Leone’s most profitable banks in recent years.
Led by Managing Director Dr Walton Ekundayo Gilpin, RCBank has also taken steps toward regional expansion. The bank recently held discussions in Liberia on establishing a presence there, highlighting its ambition for broader sub-regional influence.
