GCB Bank

Last updated
GCB Bank Ltd
Company type Public
GSE: GCB
Industry Financial services
Founded1953;72 years ago (1953)
Headquarters Accra, Ghana
Key people
Mr. Kwaku Asirifi
Chairman
Mr. Kofi Adomakoh
Managing Director [1]
Products Loans, Savings, Checking, Investments, Debit Cards, Mobile Banking, Credit Cards, Mortgages
RevenueIncrease2.svg Aftertax:GHS:326 million (2018)
Total assets US$ 1.7 Billion (GHS:9.7 billion) (2018)
Number of employees
2,299 (2019)
Website
GCB Bank Ltd. High Street GCBBANK.jpg
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]

Contents

Overview

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

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]

GCB Capital Limited has launched the Golden Eagle Unit Trust, a collective investment scheme designed to provide accessible investment opportunities to both individual and institutional investors in Ghana. With a minimum investment of GHS 100, the trust offers a diversified portfolio of local and international assets, including government securities, corporate bonds, equities, and real estate investment trusts (REITs). The fund will be valued daily, ensuring regular performance updates and easy entry or exit for investors. The launch aims to expand investment access and transparency for a broader range of investors. [16]

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, [17] 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: [18]

GCB Bank Ltd Stock Ownership
RankName of OwnerPercentage Ownership
1SOCIAL SECURITY AND NATIONAL INSURANCE TRUST50.50
2 MINISTRY OF FINANCE & ECONOMIC PLANNING 21.36
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

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.

GCB Bank Expands to 214 Branches as it assumes the management of Two Banks. [29] [30]

Domestic Debt Exchange Programme (DDEP)

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. [31] When the programme closed on Friday, 10 February 2023 about 80 per cent of bondholders voluntarily subscribed. [32]

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. [33] [34]

See also

Related Research Articles

<span class="mw-page-title-main">Nomura Holdings</span> Financial holding company

Nomura Holdings, Inc. is a financial holding company and a principal member of the Nomura Group, which is Japan's largest investment bank and brokerage group. It, along with its broker-dealer, banking and other financial services subsidiaries, provides investment, financing and related services to individual, institutional, and government customers on a global basis with an emphasis on securities businesses.

<span class="mw-page-title-main">Ghana Stock Exchange</span> Stock exchange in Ghana

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 and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy, profitability, spread of shares, years of existence and management efficiency. The GSE is located within the Cedi House in Accra.

<span class="mw-page-title-main">United Bank Limited</span> Pakistani commercial bank

United Bank Limited (UBL) is a Pakistani commercial bank headquartered in Karachi. It is a subsidiary of British multinational conglomerate, Bestway Group.

Prime Bank PLC. is a public limited commercial bank in Bangladesh with its headquarters in Dhaka. With 146 branches and 170 ATM the bank has operation in corporate, consumer, MSME and sustainable banking. Tanjil Chowdhury, managing director of East Coast Group, is chairman of Prime Bank.

Republic Bank (Ghana) PLC is a commercial bank in Ghana. It is one of the commercial banks licensed by the Bank of Ghana, the central bank and national banking regulator.

<span class="mw-page-title-main">First Bank of Nigeria</span> Nigerian multinational bank

First Bank of Nigeria is a multinational bank and financial services company with headquarters in Lagos, Nigeria. First Bank was founded in 1894, by Sir Alfred Jones, but is currently owned by FBN Holdings PLC, which in itself has diversified ownership with over 1.3 million shareholders.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and fourth largest by market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.

Haitong Securities is a securities firm in China, providing services in stocks and futures brokerage, as well as investment banking, corporate finance, M&A, asset management, mutual fund, and private equity.

<span class="mw-page-title-main">Ecobank Ghana</span> Ghanaian commercial bank

Ecobank Ghana PLC is a commercial bank in Ghana. It is one of the commercial banks licensed by the Bank of Ghana, the national banking regulator. In 2022, the bank retained its position as the largest bank in Ghana in the 2023 Ghana Banking Survey by PricewaterhouseCoopers (PwC). LIMA Partners also named the bank as the biggest bank by total assets in the Ghana Banking Industry Report.

Afribank Nigeria PLC was a commercial banking, real estate and insurance broker based in Lagos, Nigeria. It was established by French investors in 1959 under the name Banque Internationale pour l'Afrique Occidentale (BAIO). As at 2010, the bank operated over 250 branches across Nigeria, and was one of the region's "Big Four" banks. Afribank used the Temenos Globus banking application in its branches.

<span class="mw-page-title-main">Kwabena Duffuor</span> Former Finance Minister of Ghana (born 1946)

Kwabena Duffuor was the Finance Minister of Ghana. He served as the governor of the Bank of Ghana. He was named as one of the four best Central Bank Governors in the World at an IMF/World Bank meeting in 1999. He is a Fellow of the Akuafo Hall, University of Ghana, and a Fellow of the Chartered Institute of Bankers.

Housing Finance Company Limited, commonly referred to as Housing Finance, is a commercial bank in Kenya, regulated by the Central Bank of Kenya, the central bank and national banking regulator. HFC is major mortgage lender in Kenya and was the second-largest in the market with KSh33.7 billion in mortgage loans, as of December 2019. At that time, Kenya Commercial Bank, the largest mortgage lender in the country had KSh64.3 billion in mortgage loans.

<span class="mw-page-title-main">FirstRand</span> South African financial service provider

FirstRand Limited, also referred to as FirstRand Group, is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.

Intercontinental Bank, commonly referred to Intercontinental, was a Nigerian commercial bank that operated from 1989 until it was acquired by Access Bank plc in 2013. Prior to its acquisition, Intercontinental Bank was one of the twenty-four commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator.

UT Bank (UTB), formally known as UT Bank Ghana Limited, was a commercial bank in Ghana until 2017 when its license was revoked by the Bank of Ghana due to severe impairment of their capital and was taken over by GCB Bank.

<span class="mw-page-title-main">National Investment Bank</span>

National Investment Bank, normally abbreviated to NIB, is a state owned commercial bank in Ghana. It is one of the commercial banks licensed by the Bank of Ghana, the national banking regulator. NIB was form to promote industrialization of all sectors in the country. It has undergone management and financial restructure to help it attain higher financial levels across the world.

Ecobank Nigeria Limited, commonly referred to as Ecobank Nigeria, is a commercial bank in Nigeria. It is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator.

Union Bank of Colombo PLC, commonly referred to as UBC, is a commercial bank in Sri Lanka. It is licensed by the Central Bank of Sri Lanka, the central bank and national banking regulator.

Charles Kofi Adu Boahen is a Ghanaian politician and a public servant. He is a member of the New Patriotic Party and was the deputy minister for Finance in Ghana until November 2022. He is the son of Mrs Mary Adu Boahen and Prof. Albert Adu Boahen, a global academic, historian and politician who became the New Patriotic Party's flagbearer in the 1992 Ghanaian general elections. He was the Minister of State at the Finance Ministry but was dismissed after allegations of corruption.

Abena Amoah is one of Ghana's leading female investment bankers and financial advisors. On July 15, 2020, she was appointed as the Deputy Managing Director of the Ghana Stock Exchange. In this position Ms. Amoah is responsible for the operational activities of the Exchange as well as assisting the managing director in defining and implementing the Exchange's corporate strategies and plans. Prior to this appointment, Abena was the chief executive officer for Baobab Advisors, a financial advisory services firm she founded. Amoah has served on the boards of Wapic Insurance Limited (Ghana), Access Bank Limited (Ghana) and The African Women's Development Fund. She received a Newmont Gold Ghana Highest Award for Excellence at the National Youth Excellence Awards in 2006. And was listed as one of WomanRising's 100 Most Outstanding Women Entrepreneurs in Ghana in 2016.

References

  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. ↑ "GCB Capital introduces Golden Eagle Unit trust to broaden investment Opportunities - MyJoyOnline". www.myjoyonline.com. 2024-12-15. Retrieved 2025-01-19.
  17. ↑ Apinga, David (2021-03-26). "GCB records marginal increase as profits hit GHC 445.4m". The Ghana Report. Retrieved 2023-08-16.
  18. ↑ Detailed Shareholding In GCB Stock
  19. ↑ "Jude Kofi Arthur - Biography". MarketScreener. Retrieved 2023-08-16.
  20. ↑ "Kofi Adomakoh Leads GCB Bank – GCB Capital" . Retrieved 2024-07-26.
  21. ↑ "Socrates Afram - Biography". Marketscreener. Retrieved 2023-08-16.
  22. ↑ "[Ghana] Emmanuel Odartey appointed new Deputy Managing Director for GCB Bank". Africa Business Communities. Retrieved 2023-08-16.
  23. ↑ "PR. 062/2022 GCB APPOINTMENT OF EXECUTIVE DIRECTOR, WHOLESALE AND INVESTMENT BANKING - Ghana Stock Exchange". 2022-03-08. Retrieved 2023-08-16.
  24. ↑ "Osmani Aludiba Ayuba - Biography". MarketScreener. Retrieved 2023-08-16.
  25. ↑ "Francis Arthur-Collins - Biography". MarketScreener. Retrieved 2023-08-16.
  26. ↑ "Ghana Commercial Bank Limited - Ghana Stock Exchange". 2018-11-07. Retrieved 2023-08-16.
  27. ↑ 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.
  28. ↑ GCB Bank Limited (GCB) Stock Quote
  29. ↑ Allotey, Godwin Akweiteh (2016-12-15). "GCB bank limited opens Saboba branch". Citi 97.3 FM - Relevant Radio. Always. Retrieved 2023-08-09.
  30. ↑ "GCB Bank launches 185th branch in Nalerigu". Myjoyonline. 17 June 2022. Retrieved 2023-08-09.
  31. ↑ "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.
  32. ↑ "Participation in the Domestic Debt Exchange Programme | Ministry of Finance | Ghana". Ministry Of Finance Ghana. Retrieved 2023-08-09.
  33. ↑ "GCB Bank posts strong performance in 2022 despite DDEP, poised for growth in 2023". Myjoyonline. 30 June 2023. Retrieved 2023-08-09.
  34. ↑ "We are prepared for a 2nd round DDEP – GCB Bank". Myjoyonline. 3 July 2023. Retrieved 2023-08-09.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.