Ghana Commercial Bank

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GCB Bank Ltd
Type Public
Traded as GSE: GCB
Industry Financial Services
Founded 1953
Headquarters Accra, Ghana
Key people Fritz Gockel
Chairman
Simon Dornoo
Managing Director[1]
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Revenue Increase Aftertax:US$8.63 million (GHS:16.7 million) (2011)
Total assets US$1.27 billion (GHS:2.45+ billion) (2011)
Employees 2,315 (2012)
Website Homepage
Ghana Commercial Bank in Kumasi

Formerly Ghana Commercial Bank, now legally GCB Bank Ltd. The largest bank in Ghana, licensed by Bank of Ghana, the national banking regulator.[2]

Overview[edit]

GCB Bank Ltd is the largest indigenous financial institution in Ghana with over 160 branches.[3] As of December 2011, the bank's total assets were valued at about US$1.27 billion (GHS:2.45+ billion), with shareholders' equity of approximately US$88 million (GHS:170 million).[4]

History[edit]

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 rebranded 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, beginning in 1966, the government started partial divestiture until today, when government shareholding stands at 51.17%. Subsequently, 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 due to be launched by 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 July 2012, the bank employs 2,315 staff, in branches distributed in all 10 provinces of the Republic of Ghana.[5]

Ownership[edit]

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 2011, the 10 largest investors in the stock of the bank are depicted in the table below:[6]


GCB Bank Ltd Stock Ownership
Rank Name of Owner Percentage Ownership
1 Social Security and National Insurance Trust 29.81
2 Ghana Ministry Of Finance & Economic Planning 21.36
3 Northern Trust Global Services Limited 6.57
4 Daniel Ofori 3.81
5 SQM Frontier Africa 1.97
6 PICTET Africa Non Tax 6275J 1.65
7 GCB Staff Provident Fund 1.13
8 Standard Bank London Plc Client Account 0.86
9 Ghana Reinsurance Company Limited 0.68
10 Teacher Retirement Systems of Texas 0.68
11 Other Investors 31.48
Total 100.00

Branches[edit]

GCB Bank Ltd maintains its headquarters in Accra, the capital of Ghana and the largest city in the country. The bank has over 160 branches distributed across most major urban areas of Ghana, with plans to refurbish many of them following a rebrand in 2014.

See also[edit]

References[edit]

External links[edit]