GCB Bank

GCB Bank Limited formally known as Ghana Commercial Bank is the largest bank in Ghana in terms of total operating assets and share of industry deposits, with 14.2% of total industry deposits. [2] In August 2017, the Bank of Ghana, the nation's central bank, announced that it had approved a Purchase and Assumption transaction with GCB Bank Limited for the transfer of all deposits and selected assets of UT Bank and Capital Bank (Ghana) to GCB Bank Ltd.[3]

GCB Bank Ltd
TypePublic
GSE: GCB
IndustryFinancial Services
Founded1953 (1953)
HeadquartersAccra, Ghana
Key people
Mr. Jude Arthur
Chairman
Mr. Kofi Adomakoh
Managing Director[1]
ProductsLoans, Savings, Checking, Investments, Debit Cards, Mobile Banking, Credit Cards, Mortgages
Revenue Aftertax:GHS:326 million (2018)
Total assetsGHS:9.7 billion+ (2018)
Number of employees
2,299 (2019)
Website
GCB Bank Ltd. High Street

Overview

GCB Bank Ltd is the largest indigenous financial institution in Ghana with 184 branches.[4] As of December 2018, the bank's total assets were valued at about GHS9.7billions+, with shareholders' equity of approximately GHS:1.3billion+.[5]

History

The bank was founded in 1953, with 27 employees, as the Bank of the Gold Coast. Initially, it focused on serving Ghanaian traders, farmers, and business people, who could not obtain financing from the expatriate banks. In 1957, when Ghana attained Independence, the bank re-branded to Ghana Commercial Bank, to concentrate on commercial banking, since Bank of Ghana had been created to function as the central bank and banking regulator. In the beginning, the bank was wholly owned by the Government of Ghana. However, in 1996, when government shareholding stands at 51.17%, the stock of the bank was listed on the Ghana Stock Exchange. In 2013, the bank renamed itself GCB Bank Ltd, with a new brand identity which was launched at the end of 2014. Today, GCB Bank Ltd serves the banking needs of large corporations, parastatal companies, small and medium enterprises as well as individuals. As of December 2016, the bank employs 1,532 staff, in branches distributed in all 10 regions of the Republic of Ghana.[6]

Ownership

The shares of stock of GCB Bank Ltd are listed on the Ghana Stock Exchange and are part of the exchange's GSE All-Share Index. The government of Ghana maintains 21.4% shareholding in the bank, while the remaining 78.6% is owned by institutional and private investors. As of December 2016, there are about 21 investors in the stock of the bank as depicted in the table below:[7]

GCB Bank Ltd Stock Ownership
RankName of OwnerPercentage Ownership
1SOCIAL SECURITY AND NATIONAL INSURANCE TRUST50.50
2MINISTRY OF FINANCE & ECONOMIC PLANNING21.36
3SCGN/Northern Trust Global Services Limited6.79
4DANIEL OFORI3.81
5SCGN/JPMC RE DUET AFRICA OPPORTUNITIES MASTER FUND, IC GTI:AEX262.19
6SCGN/BANQUE PICTET & CIE SA RE NON TAX 6275J2.10
771.13
8SCGN/CITIBANK KUWAIT INV AUTHORITY0.98
9SCGN/BANQUE PICTET & CIE SA RE NON TAX 6275J0.77
10GHANA REINSURANCE COMPANY LTD GENERAL BUSINESS0.68
11SCGN/SSB TEACHER RETIREMENT, SYSTEMS OF TEXAS FD-TRAB0.68
12SCGN/CITIBANK LONDON OP- AFRICAN FUND, NON-UCITS0.63
13SCGN/SSB EATON VANCE STRUCTURED, EMERGING MARKET FUND0.61
14GHANA COCOA BOARD0.60
15SCGN/'EPACK INVESTMENT FUND LTD TRANSACTION EIFLE0.57
16SCGN/PICTET & CIE EUROPE S.A LUX RE BLAKENEY0.53
17SCGN/SSB EATON VANCE TAX, MANAGED EMERGING MARKET FUND0.52
18STD NOMS/BNYM SA NV/ADV SRS TRST/AST PTRIC EMG MKT0.45
19SCGN/JP MORGAN CHASE DUET GAMLA LIV AFRICA, OPPORTUNITIES FUND IC0.44
20AFRIKANSK STD NOMS/BNYM SANV/KAPFRG INVESTIN PRO0.45
21OTHERS24.90
Total100.00

Leadership
  • Jude Arthur - Board Chairman
  • Anselm Ransford Sowah - Managing Director
  • Socrates Afram - Chief Finance Officer
  • Samuel Amankwa - Chief Operating Officer
  • Osmani Aludiba Ayuba - Director
  • Francis Arthur-Collins - Director
  • Queen Mother of Denkyira Nana Saraa III - Director
  • Nick Amartefio - Director
  • Lydia Gyamera Essah - Director [8]

Branches

GCB Bank Ltd maintains its headquarters in Accra, the capital of Ghana and the largest city in the country. The bank has over 184 branches distributed across most major urban areas of Ghana, with plans to refurbish many of them following a re-brand in 2014.

See also
  1. REDIRECT

References
  1. The Board of Directors
  2. "PWC Ghana Banking Report 2019" (PDF).
  3. "BoG Statement on GCB Takeover". www.myjoyonline.com. Retrieved 2019-02-04.
  4. "GCB Bank 2018 Annual Report". www.gcbbank.com.gh. Retrieved 2019-10-07.
  5. "GCB Bank 2018 Annual Report".
  6. History of Ghana Commercial Bank
  7. Detailed Shareholding In GCB Stock
  8. GCB Bank Limited (GCB) Stock Quote
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