Ghana Commercial Bank
 | |
| 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 |
 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, normally abbreviated to GCB, is a commercial bank in Ghana. It is one of the commercial banks licensed by Bank of Ghana, the national banking regulator.[2]
Overview
The bank is the largest indigenous financial institution in the country, according to its website.[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
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. Today, GCB 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
The shares of stock of Ghana Commercial Bank 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]
| Ghana Commercial Bank Stock Ownership | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BranchesGhana Commercial Bank maintains its headquarters in Accra, the capital of Ghana and the largest city in that country. The bank has 157 networked branches, distributed in most major urban areas of Ghana. Plans are underway to open the 158th branch in the Abeka-Lapaz neighborhood of Accra.[7] See alsoReferencesExternal links
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