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GCB Bank

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GCB Bank Ltd
Company typePublic
GSE: GCB
IndustryFinancial services
Founded1953; 71 years ago (1953)
HeadquartersAccra, Ghana
Key people
Mr. Kwaku Asirifi
Chairman
Mr. Kofi Adomakoh
Managing Director[1]
ProductsLoans, Savings, Checking, Investments, Debit Cards, Mobile Banking, Credit Cards, Mortgages
RevenueIncrease Aftertax:GHS:326 million (2018)
Total assetsUS$ 1.7 Billion (GHS:9.7 billion) (2018)
Number of employees
2,299 (2019)
Website[1]
GCB Bank Ltd. High Street

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]

Overview

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GCB Bank Ltd is Ghana's largest indigenous financial institution with 185 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][6]

In a report issued by PwC Ghana, a member of PricewaterhouseCoopers International Limited indicated GCB Bank as part of the Top 7 banks in Ghana controlling 56.3% of the market share with the bank representing 8.7%.[7]

At the 28th Annual General Meeting (AGM), GCB Bank posted a profit of GH¢831.9m before tax for the year 2021.[8]

History

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The bank was founded on May 20, 1953,[9] with 27 employees, as the Bank of the Gold Coast.[10] 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,[11] to concentrate on commercial banking, since Bank of Ghana had been created to function as the central bank and banking regulator.[12]

In the beginning, the bank was wholly owned by the Government of Ghana. However, in 1996, when government shareholding stood at 51.17%, the stock of the bank was listed on the Ghana Stock Exchange. In 2013, the bank renamed itself GCB Bank Ltd,[13] 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,[14] in branches distributed in all 10 regions of the Republic of Ghana.[15]

Ownership

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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,[16] 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:[17]

GCB Bank Ltd Stock Ownership
Rank Name of Owner Percentage Ownership
1 SOCIAL SECURITY AND NATIONAL INSURANCE TRUST 50.50
2 MINISTRY OF FINANCE & ECONOMIC PLANNING 21.36
3 SCGN/Northern Trust Global Services Limited 6.79
4 DANIEL OFORI 3.81
5 SCGN/JPMC RE DUET AFRICA OPPORTUNITIES MASTER FUND, IC GTI:AEX26 2.19
6 SCGN/BANQUE PICTET & CIE SA RE NON TAX 6275J 2.10
7 7 1.13
8 SCGN/CITIBANK KUWAIT INV AUTHORITY 0.98
9 SCGN/BANQUE PICTET & CIE SA RE NON TAX 6275J 0.77
10 GHANA REINSURANCE COMPANY LTD GENERAL BUSINESS 0.68
11 SCGN/SSB TEACHER RETIREMENT, SYSTEMS OF TEXAS FD-TRAB 0.68
12 SCGN/CITIBANK LONDON OP- AFRICAN FUND, NON-UCITS 0.63
13 SCGN/SSB EATON VANCE STRUCTURED, EMERGING MARKET FUND 0.61
14 GHANA COCOA BOARD 0.60
15 SCGN/'EPACK INVESTMENT FUND LTD TRANSACTION EIFLE 0.57
16 SCGN/PICTET & CIE EUROPE S.A LUX RE BLAKENEY 0.53
17 SCGN/SSB EATON VANCE TAX, MANAGED EMERGING MARKET FUND 0.52
18 STD NOMS/BNYM SA NV/ADV SRS TRST/AST PTRIC EMG MKT 0.45
19 SCGN/JP MORGAN CHASE DUET GAMLA LIV AFRICA, OPPORTUNITIES FUND IC 0.44
20 AFRIKANSK STD NOMS/BNYM SANV/KAPFRG INVESTIN PRO 0.45
21 OTHERS 24.90
Total 100.00

Leadership

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  • Jude Arthur - Board Chairman[18]
  • John Kofi Adomakoh - Managing Director[19]
  • Socrates Afram - Deputy Managing Director[20] ( Finance )
  • Emmanuel Odartey Lamptey - Deputy Managing Director[21] ( Operations )
  • Samuel Kwame Yedu Aidoo - Executive Director[22] ( Wholesale and Investment Banking )
  • Osmani Aludiba Ayuba - Director[23]
  • Francis Arthur-Collins - Director[24]
  • Queen Mother of Denkyira Nana Saraa III - Director[25]
  • Nick Amartefio - Director[26]
  • Lydia Gyamera Essah - Director [27]
  • Alhaji Alhassan Yakubu- Director- https://www.gcbbank.com.gh/board-members/489-alhaji-alhassan-yakubu

Branches

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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.

GCB Bank Expands to 214 Branches as it assumes the management of Two Banks.[28][29]

Domestic Debt Exchange Programme (DDEP)

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The Government of Ghana launched its Domestic Debt Exchange Programme (DDEP) on 5 December 2022 to manage public debt and prevent the further financial collapse of the Ghanaian economy through a voluntary exchange of GHS137 billion of domestic notes and bonds of the Republic.[30] When the programme closed on Friday, 10 February 2023 about 80 per cent of bondholders voluntarily subscribed.[31]

The bank recorded a loss of ¢743.5 million in 2022, compared to a profit before tax of ¢832.0 million in the prior year.[32][33]

See also

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References

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  1. ^ "The Board of Directors". Archived from the original on 2011-07-25. Retrieved 2012-07-06.
  2. ^ "PWC Ghana Banking Report 2019" (PDF).
  3. ^ "BoG Statement on GCB Takeover". Myjoyonline. Retrieved 2019-02-04.
  4. ^ "GCB Bank 2018 Annual Report". Gcb bank. Retrieved 2019-10-07.
  5. ^ "GCB Bank 2018 Annual Report".
  6. ^ "GCB Bank and Ecobank Ghana control 23.9% of banking industry deposits - Report". Pulse Ghana. 2021-07-14. Retrieved 2023-08-09.
  7. ^ "Seven banks control 56.3% of market share - Research". GhanaWeb. 2017-08-24. Retrieved 2023-08-09.
  8. ^ emmakd (2022-06-05). "GCB Bank posts profit before tax of GH¢831.9m". Ghana Business News. Retrieved 2023-08-09.
  9. ^ "Gcb bank". Gcb bank. Retrieved 2023-08-16.
  10. ^ "Gcb bank". Gcb bank. Retrieved 2023-08-16.
  11. ^ "Gcb bank". Gcb bank. Retrieved 2023-08-16.
  12. ^ "The story behind the formation of the first Ghanaian owned bank". GhanaWeb. 2023-08-05. Retrieved 2023-08-09.
  13. ^ "GCB Bank rebrands as GCB Bank PLC". GhanaWeb. 2022-01-07. Retrieved 2023-08-16.
  14. ^ "Gbc bank". Gcb Bank. Retrieved 2023-08-16.
  15. ^ History of Ghana Commercial Bank
  16. ^ Apinga, David (2021-03-26). "GCB records marginal increase as profits hit GHC 445.4m". The Ghana Report. Retrieved 2023-08-16.
  17. ^ Detailed Shareholding In GCB Stock
  18. ^ "Jude Kofi Arthur - Biography". MarketScreener. Retrieved 2023-08-16.
  19. ^ "Kofi Adomakoh Leads GCB Bank – GCB Capital". Retrieved 2024-07-26.
  20. ^ "Socrates Afram - Biography". Marketscreener. Retrieved 2023-08-16.
  21. ^ "[Ghana] Emmanuel Odartey appointed new Deputy Managing Director for GCB Bank". Africa Business Communities. Retrieved 2023-08-16.
  22. ^ "PR. 062/2022 GCB APPOINTMENT OF EXECUTIVE DIRECTOR, WHOLESALE AND INVESTMENT BANKING - Ghana Stock Exchange". 2022-03-08. Retrieved 2023-08-16.
  23. ^ "Osmani Aludiba Ayuba - Biography". MarketScreener. Retrieved 2023-08-16.
  24. ^ "Francis Arthur-Collins - Biography". MarketScreener. Retrieved 2023-08-16.
  25. ^ "Ghana Commercial Bank Limited - Ghana Stock Exchange". 2018-11-07. Retrieved 2023-08-16.
  26. ^ MarketScreener (2021-10-01). "GCB Bank Limited Announces Resignation of Nik Amarteifio and Edward Prince Amoatia Younge from the Board". MarketScreener. Retrieved 2023-08-16.
  27. ^ GCB Bank Limited (GCB) Stock Quote
  28. ^ Allotey, Godwin Akweiteh (2016-12-15). "GCB bank limited opens Saboba branch". Citi 97.3 FM - Relevant Radio. Always. Retrieved 2023-08-09.
  29. ^ "GCB Bank launches 185th branch in Nalerigu". Myjoyonline. 17 June 2022. Retrieved 2023-08-09.
  30. ^ "Government of Ghana Domestic Debt Exchange: Potential Financial Sector Impacts and Mitigating Safeguards | Ministry of Finance | Ghana". Ministry Of Finance Ghana. Retrieved 2023-08-09.
  31. ^ "Participation in the Domestic Debt Exchange Programme | Ministry of Finance | Ghana". Ministry Of Finance Ghana. Retrieved 2023-08-09.
  32. ^ "GCB Bank posts strong performance in 2022 despite DDEP, poised for growth in 2023". Myjoyonline. 30 June 2023. Retrieved 2023-08-09.
  33. ^ "We are prepared for a 2nd round DDEP – GCB Bank". Myjoyonline. 3 July 2023. Retrieved 2023-08-09.
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