GCB Bank Limited, formally known as Commercial Bank of Ghana, is the largest bank in Ghana, accounting for 14.2% of total industry deposits in terms of total operating assets and share of industry deposits. In August 2017, the Central Bank of Ghana announced that it had approved a purchase and hypothetical transaction with GCB Bank Limited to transfer all deposits and selected assets of UT Bank and Capital Bank of Ghana to GCB Bank Ltd.

Overview

GCB Bank Ltd is the largest Indigenous Financial Institution Group in Ghana with 185 branches. As of December 2018, the total asset size of the bank is about 9.70 billion yuan +, and the shareholders' equity is about 1.30 billion yuan +.

In a report released by PwC Ghana, a member of PwC International Limited said that GCB Bank is part of the top 7 banks in Ghana and controls a market share of 56.3%, with the bank accounting for 8.7%.

At the 28th Annual General Meeting (AGM), GCB Bank announced a pre-tax profit of GH $831.9m for 2021.

History

The bank was established on May 20, 1953 and has 27 employees, formerly known as Gold Coast Bank. Initially, it focused on providing services to Ghanaian businesspeople, farmers and merchants who were unable to obtain financing from foreign banks. In 1957, when Ghana gained independence, the bank was renamed Commercial Bank of Ghana to focus on commercial banking, as Bank of Ghana was established to play the role of central bank and banking regulator.

Initially, the bank was wholly owned by the Government of Ghana. However, in 1996, when the government shareholding ratio was 51.17%, the bank's shares were listed on the Ghana Stock Exchange. In 2013, the bank was renamed GCB Bank Ltd and a new brand identity was introduced at the end of 2014. Today, GCB Bank Ltd serves the banking needs of large corporations, parastatals, small and medium-sized enterprises as well as individuals. As of December 2016, the bank had 1,532 employees with branches located in all 10 regions of the Republic of Ghana

Leadership

• Jude Arthur - Chairperson of the Board
• John Kofi Adomakoh - Managing Director

Socrates Afram - Deputy General Manager (Finance)

Emmanuel Odartey Lamptey - Deputy General Manager (Operations)

Samuel Kwame Yedu Aidoo - Executive Director (Wholesale and Investment Banking)

• Osmani Aludiba Ayuba - Director
• Francis Arthur-Collins - Director
• Denkyira Nana Saraa III Queen Dowager - Director
• Nick Amartefio - Director
• Lydia Gyamera Essah - Director
• Alhaji Alhassan Yakubu - Director - https://www.gcbbank.com.gh/board-members/489-alhaji-alhassan-yakubu

Branch

GCB Bank Ltd is headquartered in Accra, the capital of Ghana, and the largest city in the country. The bank has more than 184 branches in most of Ghana's major urban areas and plans to renovate many of them after rebranding in 2014.

GCB Bank expanded to 214 branches as it assumed the management of two banks.

Domestic Debt Exchange Program (DDEP)

The Government of Ghana launched the Domestic Debt Exchange Program (DDEP) on December 5, 2022 to manage public debt and prevent the Ghanaian economy from falling further into financial collapse through the voluntary exchange of Republic domestic notes and bonds 137 billion Ghanaian shillings. When the scheme ends on Friday, February 10, 2023, about 80% of bondholders will voluntarily subscribe.

The bank recorded a loss of £743.50 million in 2022, compared with a pre-tax profit of £832 million the previous year.