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. In August 2017, the

Bank of Ghana The Bank of Ghana ( BoG) is the central bank of Ghana. It is located in Accra and was formed in 1957. The bank is active in developing financial inclusion policy and is a member of thAlliance for Financial Inclusion History The Central Bank ...

, 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.

Overview

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

History

The

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

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 A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

, since

had been created to function as the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...

and banking regulator. In the beginning, the bank was wholly owned by the

Government of Ghana The Government of Ghana was created as a parliamentary democracy, followed by alternating military and civilian governments in Ghana. In January 1993, military government gave way to the Fourth Republic after presidential and parliamentary electi ...

. However, in 1996, when government shareholding stands at 51.17%, the stock of the bank was listed on the

Ghana Stock Exchange The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently lists 42 equities (from 37 companies) and 2 corporate bonds. All types of securiti ...

. 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. , the bank employs 1,532 staff, in branches distributed in all 10

regions In geography, regions, otherwise referred to as zones, lands or territories, are areas that are broadly divided by physical characteristics (physical geography), human impact characteristics (human geography), and the interaction of humanity and t ...

of the

Republic of Ghana Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...

Ownership

The shares of stock of GCB Bank Ltd are listed on the

and are part of the exchange's

GSE All-Share Index The principal stock index of the Ghana Stock Exchange or GSE is the GSE Composite Index. It was introduced in 2011 with a base value of 1000 points. This index is calculated from the values of each of the market's listings. Market listings Pr ...

. The government of Ghana maintains 21.4% shareholding in the bank, while the remaining 78.6% is owned by institutional and private investors. , there are about 21 investors in the stock of the bank as depicted in the table below:Detailed Shareholding In GCB Stock
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Leadership

* Jude Arthur - Board Chairman * Kofi Adomakoh - 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
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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.

References

External links

Website of GCB Bank

GCB Bank 2016 Annual Financial Report

GCB Bank Stock Quote At Ghanastocks.net
{{Authority control Banks of Ghana Companies based in Accra Banks established in 1953 1953 establishments in Gold Coast (British colony) Companies listed on the Ghana Stock Exchange