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Business News of Thursday, 17 August 2017


GCB branches now 214 after swallowing UT, Capital Banks

GCB Bank Ltd., the largest indigenous bank in the country with an asset base of GHS6.3 billion has expanded to 214 branches across the country after taking over the businesses of UT Bank Ltd. and Capital Bank.

With this, GCB has added the 53 branches of the two banks to its 161 branches thereby growing its network to 214 branches across the country excluding GCB Agencies.

This was through a purchase and assumption transaction by the Bank of Ghana, which took effect from Monday, 14 August 2017.

The Management of GCB has consequently assured customers of UT and CAPITAL Bank of unfettered access to their funds through their existing channels, adding that “staff of the assumed banks, will work with GCB staff to ensure seamless transactions.”

Corporate and SME customers will continue to work with their relationship Managers in collaboration with GCB to facilitate a smooth transition and business continuity.

GCB brings its experience, expertise and capacity for managing a sustainable and profitable institution to the assumed businesses.

The existing channels of service will remain functional while they are rebranded to reflect the change in ownership.

During the transition period of up to six months, this arrangement will prevail while procedures and processes are consolidated and the branches assessed and streamlined.

Suppliers of the two institutions will need to register with the Bank’s Support Services Division for integration onto the GCB platform.