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Corporate profile of Ghana Commercial Bank (GCB)

Ghana Commercial Bank Ltd started operations in 1953 as the Bank of Gold Coast to provide banking services to the emerging nation for socio-economic development.

The Bank was to pay special attention to Ghanaian traders, business people and farmers who could not elicit support from the expatriate banks.

In 1957, when Ghana attained independence, Bank of Ghana was established as the central bank while Bank of Gold Coast was renamed Ghana Commercial  Bank to focus solely on commercial banking services.

Since then, GCB has opened branches across the length and breadth of the nation tapping the potential of the 10 regions that make Ghana.

The Bank was wholly government owned until 1996 when under the economic recovery programme part of the government ownership was divested. Today, government ownership stands at 21.36% while institutional holdings add up to 78.64%.

From the one branch of the 1950s, GCB now has 143 branches and 11 agencies throughout the country.

GCB abounds in high quality human resource, which stands at 2,200 as at the end of 2007. This is remarkable when one considers that the Bank started with a staff strength of 27. Currently, there are professionals of various disciplines who work in tandem to achieve the objectives of the Bank.

The growth of the Bank has been synonymous with its customer base. During the first five years of the Bank’s operations, our customers were mainly small scale Ghanaian traders (now termed SMEs) and other nationals who were expecting to maintain credit balance accounts because the bank was not adequately capitalized. From this insignificant customer base, GCB now has a customer profile that ranges from salaried workers through small and medium scale entrepreneurs to large trading concerns, quasi-government institutions and corporate customers.

GCB provides a wide range of products and services for the benefit of its customers. From the traditional products of Current and Savings Accounts, GCB now offers specialized products and services including FODEM for Ghanaian residents abroad, doorstep cash collection, loans and overdrafts. There are also investment products like treasury bills as well as fixed and call deposits. These are cut to suit the individual needs of customers.

In addition, GCB has taken advantage of an enhanced information technology system, to introduce Internet Banking, Commernet Plus, Royal Banking, Smart pay (Fee Payments), Kudi Nkosuo, GCB Inland Express Money Transfer and Moneygram.

All these have been done to increase profits and enhance shareholder value.

GCB in May 2008 won three major awards at the Ghana Banking Awards-Best Bank Trade Financing, Best Bank-Corporate Social Responsibility and Best Bank, Financial Performance. Between September 2007, and July this year the Bank also received three international awards; “BANK OF THE YEAR,” 2007 (by the Banker Magazine of Financial Times (FT) Group of the UK, Best Bank in Ghana for the year 2007 by the Global Finance Publishing Institute of the United States of America (USA) and Best Bank of the Year-Ghana, received on July 10 last year at the Euromoney Excellence Award Ceremony in London.

Today, we can boast of being the widest networked Bank in Ghana. 






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