Business News of Monday, 15 September 2014
The Ghana Commercial Bank (GCB) Limited, a leading commercial bank in Ghana has unveiled its new brand identity at a colourful ceremony in Accra. The new logo marks the beginning of the next generation of GCB, which would be a dynamic force in the banking industry in Ghana.
The new symbol is a significant milestone in the evolution of the bank, which followed an extensive audit where customers, employees and other stakeholders discussed the perceptions of the bank and where it needs to focus its energies.
Mrs Helen Mona Quartey, Deputy Minister of Finance, speaking at the ceremony said it was about time the state enterprises, with government equities, stands up and be counted. She said government expects these institutions to position themselves in order to make profit and pay dividends to prop up government revenue base.
She said like all other shareholders, government has high expectations of GCB, and that, the bank should be able to pay higher dividends than what its paying currently. Mrs Quartey urged Ghanaian banks “to venture out, look for the openings and take advantage of them with the right approach and strategy.”
She expressed government’s delight at the effort of the board and management of GCB for building a new brand for the bank, adding that, the bank has been a reliable partner through very tough times.
“A brand which has been around more enough to experience the challenges the economy has been through as well as the successes we have chalked as a country” She said government still considers GCB as strategic partner since it is the only bank that has branches in remote areas, where most institutions would not go, to bring banking service to the door steps of the ordinary Ghanaian especially the farmers, teachers and health workers in the rural areas.
Mr. Elliot Gordor, Chairman of the Board of Directors of GCB Bank Limited said the bank intends to consolidate its position as the leading bank in the country as well as expand its activities into the sub-region to capture the increased capital flow into the region.
He said the re-branding of the bank was inspired by independent research, which players indicated that the brand differentiation, coupled with brand management and superior customer service, would provide a competitive advantage. He said GCB’s board was convinced that the brand required modernizing in line with the positive growth and improved all round performance that the bank has achieved over the past 4 years.
Mr Simon Dorno, Managing Director of GCB Bank Limited explained that the new logo consist of an eagle in color pallets that combine beautifully to give expression to the new image of dynamism and freshness as well as the enduring relevance of its Ghanaian and African heritage.
He said the new symbol reflects the strengths; accessibility and reliable banking partner, and projects a new image of a modern and progressive bank with a commitment to superior customer service through embracing technology and best practice.
He said the new service philosophy is underpinned by a set of corporate values that define the service orientation of the company as well as the standards for customer service.
Mr Dorno also intimated that the GCB has regained its position as one of the best performing banks in Ghana after losing some grounds to new entrants and existing players in the market.
He said the bank has doubled revenues from GHC200m to GHC560million, increased operating profits from GHC20million to GCH320million, and doubled deposits over the last 4 years.
He said this performance has moved the bank from a 20th position on the banking league table to number one, in terms of overall performance and returns on investment.