GCB introduces innovations into operations

Tema, May 30, GNA - The Ghana Commercial Bank Limited (GCB) is introducing innovations into its operations to transform the bank and meet its competitors in the banking industry. To this end it has since May 15, floated shares to enable the public to participate fully to achieve its objective to enable it provide quality service and add value to its operations. This move will impact positively on the economy through various ways, Mr Peter Ocran, Board Member of the GCB stated at the launching of the bank's share offer in Tema on Wednesday.

He said the bank, through its rights issue, is raising 450 billion cedis by issuing 75 million cedis new ordinary shares at 6,000 cedis per share to realize its objectives.

Mr Ocran said the floatation of shares was being launched in all the regional capitals but Tema has been singled out because of its strategic position as it is the industrial nerve of the nation. Mr Martin Mensah, the Deputy Managing Director in charge of Finance of the GCB, said over the past five years, total assets have increased to 68 percent, deposits by 163 percent while loans and advances hit 282 percent.

Profit before tax grew by 39 percent during the same period, dividends amounting to 313.5 billion cedis and shareholders have been rewarded in diverse ways.

Mr Mensah said GCB is strategically focusing on consolidating its retail banking business and to reposition itself in the Small and Medium Enterprises and large corporate banking businesses while providing platform for corporate bodies and SMEs.

The share offer is therefore to go into working capital, system/processes, human resource development and adding value to products and services among others.

The bank, established in 1952 and started operations in a wooden structure in Accra, has increased to 133 branches and 10 agencies nationwide all provided with the Automated Teller Machines. The Deputy Managing Director said the government is the single largest shareholder with 34.31 percent and prayed that more people would take advantage of the floatation to buy more shares.

The Tema Municipal Chief Executive, Mr David Quaye Annang, launched the share offer and said the government was passionate about making Ghana the financial centre of West Africa. He said this desire would not come to fruition if the financial sector were not regionally competitive.