News - Ghana Commercial Bank - We serve you better

GCB GETS FULL COMPLEMENT OF BOARD

2014-01-09T14:53:08+00:00

Three new directors from various professional disciplines have been appointed to the Board of the Bank.

They are Mr. Ernest Kwasi Okoh, a Management expert who is currently the Managing Director of Aluworks, Dr. Abdul Aziz Bamba, a Lawyer and Lecturer at the Faculty of Law, University of Ghana and Mr Kofi Worlanyo, a Principal IT Consultant with CRO Consulting.

This brings to nine, the number of external directors on the GCB Board plus three Executive Directors which makes the full board of 12 members.
The Board is chaired by Dr. Fritz Gockel, an Economist and Head of the Economics Department, University of Ghana.
Other members of the Board are Mrs. Adelaide Benneh, HR and Management consultant , Mr. Elliot Gordor and Madam Faustina Nelson both Entrepreneurs.

The rest are, Mr. Moses Asaga, an expert in Finance and former Deputy Minister of Finance now Chief Executive of the National Petroleum Authority and Mr. Kweku Ricketts-Hagan, a Deputy Minister of Finance.

Press Statement

2014-01-08T11:31:29+00:00

G.C.B.L. 33
GHANA
COMMERCIAL
BANK LTD.

EST 1953

JANUARY 7, 2014.

PRESS STATEMENT

GCB responds to media publication

Our attention has been drawn to a news item being carried by the media about some funds that have been ''siphoned from the vaults of GCB''.

We wish to assure our loyal customers and the general public that there is no cause for alarm as no funds have been ''siphoned from the vaults'' of the bank. Our customers' deposits are safe and the bank's vaults are very secure.

The Bank noticed some unusual withdrawals over the counter by customers in certain branches and took immediate steps to confirm the genuineness of these transactions. In the process, the Bank arrested the culprits the same day (and some the following day) who are going through due investigative process. The Bank proactively reported the matter to the Police and EOCO and is collaborating with them to carry out further investigations into the incident.

To commence their investigations EOCO issued a letter to the Bank authorizing it to freeze the accounts on which the suspicious transactions had been carried out.

While this incident is unfortunate we are pleased with the speed with which the incident was detected and dealt with. We can also assure the general public and our customers that the Bank continues to invest in its Technology infrastructure to ensure that appropriate controls are in place to prevent or speedily detect any fraudulent activity as happened in this case.

The statement in the media that the incident occurred with the connivance of the Bank's IT department has not been established. We would urge the media to collaborate with the law enforcement agencies in order not to jeopardise the investigative work being carried out.

We would like to take this opportunity to thank all our stakeholders, informants and the law enforcement agencies who worked with us to bring this issue under control.

Issued by Management of GCB.

MD Walks With Queen's Baton

2014-01-07T15:50:42+00:00

The Managing Director, Mr Simon Dornoo, was among the dignitaries who received the Queen's Glasgow Baton Relay at the weekend.

The MD who received the baton from the Deputy Governor of the Bank of Ghana, Mr Millison Narh, at the High Street in Accra, walked with the decorated cudgel from the traffic light between GCB and the High Courts to the forecourt of the Supreme Court where he handed it over to Sharad Rao, Honorary Legal Advisor to the Commonwealth Games Federation who presented it to the Chief Justice, Mrs Georgina Wood.

The Glasgow 2014 Queen's Baton Relay is the traditional curtain raiser to the Commonwealth Games and has been a part of the Games programme since the Cardiff 1958 Commonwealth Games in Wales.

The trip to Commonwealth destinations began at Buckingham Palace Oct 9 last year. Ghana is the 22nd country to receive the baton which will travel to 70 Commonwealth destinations.
The Baton arrived Friday night, January 3, 2014, at Ghana's Kotoka International Airport on a Kenyan Airways flight from Sierra Leone. It was in the company of officials of the Commonwealth games secretariat.

Ghana to date has won 51 medals at the Commonwealth Games, including 15 gold, with all but one of their medals coming in athletics and boxing.
Ghana's highest haul of medals at a Commonwealth Games was nine medals won in 1974.

Ghana won 4 medals at the last Games in 2010.
Ghana has competed at 13 Commonwealth Games, beginning in 1954 and missing only the 1986 Games in Edinburgh.
GCB supports sports as part of our corporate social responsibility.

Click here to view more images

GCB Adjudged Best Bank In Ghana

2013-12-20T11:06:12+00:00

Ghana Commercial Bank Ltd. (GCB) has again been adjudged the Best Bank in Ghana by the Banker Magazine of the UK in recognition of sound business and product innovations.

The awards programme, organised annually by the prestigious Magazine, a publication of the Financial Times Group in the UK, rewards and promotes industry-wide excellence in the global banking community and banks are judged on their ability to deliver shareholder returns and gains in strategic advantage.

The Head of Corporate Banking Division of GCB, Mr George Fuachie, collected the award at a ceremony recently held in London.

In an earlier letter to the Bank to confirm the award, the magazine said, "We are delighted to announce that the judging panel for this year's Bank of the Year Awards has chosen Ghana Commercial Bank as the winner of our Bank of the Year in Ghana 2013. "Congratulations to you, your management, board and the employees who have made this possible."

It said, "The trust that clients have shown in you over the past months will serve your institution well in the year ahead and the recognition of being named 'Bank of the Year 2013' in your country by the world's longest running international banking title is testament to the strong management, sound business model and prudent risk approach of your institution."

In 2012, GCB was adjudged the Best Bank by the Magazine. The 2013 Banker award brings to three the number of awards received by the Bank between the months of September and November this year.

The Chartered Institute of Marketing Ghana (CIMG) on September 20, 2013 adjudged GCB as the Best Bank in Ghana for 2012 while GCB emerged Best Performing (Ai 100) Company 2013 at the Africa investor (Ai) Index Series Awards held at the New York Stock Exchange on September 24 this year.

The awards programme is aimed at rewarding and promoting industry-wide excellence in the global banking community.

This award coincides with the celebration of 60 years of banking excellence in Ghana
by GCB this year.

Commenting on the award, the Managing Director, Mr Simon Dornoo, said it is an endorsement of the Bank's strategy that has delivered a marked change in business performance and positioned the Bank for further growth and expansion.

GCB Builds School For Fawoman Community

2013-12-10T09:26:03+00:00

Ghana Commercial Bank Limited (GCB) has handed over an ultra-modern five-unit classroom facility constructed by the Bank at a cost of GHC37,596.00 to the Fawoman D/A Primary School at Fawoman in the Ahafo Ano South District of the Ashanti Region.

The facility is made up of two classrooms, a sleeping room, a kitchen and bathroom and a place of convenience for the nursery and kindergarten unit of the Fawoman D/A School.

The project was executed within a year as part of the Bank's corporate social responsibility project under its 60th anniversary celebrations.The Bank provided funds while the chiefs and people of Fawoman contributed communal labour.

The construction of the school followed a May One, 2012, publication in the Daily Graphic on the plight of some 110 children aged between three and seven years studying under disaster-prone structures. The structure which accommodated KG1 and KG2 pupils of the school was constructed in 1987 by the Fawoman Community to serve as a workshop for technical subjects under the Junior High School project. Following the malfunctioning of this workshop, pupils of the Kindergarten who were then studying under palm branches were moved into the workshop structure. The dilapidated structure made teaching and learning very difficult as classes were disrupted by unfavorable weather conditions.

The Managing Director of GCB, Mr. Simon Dornoo, speaking at the commissioning of the project, announced plans by the Bank to partner the Non-Bank Financial Institutions (NBFIs) in the country to provide banking services, particularly to those in the rural communities.

He said Ghana's banking landscape has been characterised by significant changes over the last 15 to 20 years, driven by regulatory changes, technological advancement

and competition."About 60 years ago, rural banks and micro finance companies were non-existent inGhana. Today we have over 300 of such NBFIs all over the country serving the local

communities.GCB is adapting to this irreversible trend by seeking opportunities to collaborate with these NBFIs to bring banking services to the communities in a more cost-effective

way," Mr Dornoo said.

Oheneba Kwabena Acheampongtia II, Abrenyasehene and Nana Boakye Ampofo I, Chief of Fawoman together with the Board Chairman of GCB, Dr Fritz Gockel, cut the tape to commission the project.

Nana Boakye Ampofo commended GCB for going to the aid of the community and appealed to the Bank to set up a scholarship scheme for the children of the area to attain higher education.

He also appealed to the Bank to set aside a fund for the maintenance of the new complex while considering the possibility of constructing a health post in the community.

Click here to view more images

GCB ANNOUNCES GH¢132 MILLION PROFIT

2013-11-05T09:09:04+00:00

Ghana Commercial Bank Limited (GCB) has posted yet another outstanding performance with a profit after tax of GH¢132million for the third quarter of this year.
This represents an increase of GH¢44.4million or 66.4 per cent against GH¢87,605 million recorded for the same period last year.
The Bank realized GH¢183,682 million in profit out of which GH¢51,717 million went into taxes which comprised GH¢3,066 million as National Fiscal Stabilization Levy and tax of GH¢48,713 million.
GCB recorded a strong performance in other indicators boosting the confidence of stakeholders in the prospects and future of the Bank.
Net income was a whopping GH¢398,549million during the period as against GH¢276,942 million in 2012.
The prudent management of the Bank's loan portfolio, has seen Impairment provisions on loans and advances in a consistent decline to GHC4,777 million in September 2013 as against GHC10,308million recorded for the third quarter of last year.
With this impressive Q3 performance coupled with the winning of several prestigious awards, GCB stocks are likely to enjoy strong gains in the final quarter of the year. Buoyed by hopes for continued strong performance and a rebound in the economy, investors may bid up stocks because of the increasing profit growth of the Bank.
GCB has has received three awards between the months of September and October this year. These are the Best Bank 2012 from the Chartered Institute of Marketing Ghana (CIMG), while GCB and its Managing Director, Mr Simon Dornoo, emerged winners of the 2013 Africa investor (Ai) Index Series Awards held at the New York Stock Exchange on September 24 this year.
While GCB as a corporate entity was adjudged the 'Best Performing (Ai 100) Company', 2013 in Africa, the Managing Director, Mr. Simon Dornoo was recognized as the 'Ai100 Chief Executive Officer (CEO) of the Year'.
These feats chalked by GCB coincide with the Bank's celebration of 60 years of banking excellence in Ghana.

GCB AND MD WIN AFRICA INVESTOR CAPITAL MARKET AWARD, MD ADJUDGED THE BEST CEO IN AFRICA

2013-10-31T12:09:45+00:00

Ghana Commercial Bank Ltd. (GCB) and its Managing Director, Mr Simon Dornoo, have emerged winners of the 2013 Africa investor (Ai) Index Series Awards held at the New York Stock Exchange.

While GCB as a corporate entity was adjudged the 'Best Performing (Ai 100) Company', 2013 in Africa, the Managing Director, Mr. Simon Dornoo was also recognised as the 'Ai100 Chief Executive Officer (CEO) of the Year'.

The Bank emerged first among eight nominated financial institutions across the African continent in the Best Performing Ai100 Company category.

Mr. Dornoo was also adjudged the 'Ai100 CEO of the Year' from a shortlist of eight best Managing Directors/Heads of financial institutions on the continent in the Ai100 category.

GCB's was based on performance, commitment to increasing volumes of shares traded, share performance compared with market performance between 01/08/2012 - 30/07/2013, volatility compared with market, portion of shares traded on market and major achievements in 2012-2013.
In a congratulatory message by the Africa investor Team to the Bank and the Managing Director, the organisation said GCB is being recognised for its exceptional achievements over the last year.

"Your achievements will no doubt continue to serve as an inspiration for business and government leaders working to raise Africa's investment profile," it said.

Commenting on the award Mr. Dornoo said, "as an organization that is striving to achieve excellence in banking as well as contribute to the socio-economic development of the country, this recognition will spur us on to greater effort towards these goals. We would like to dedicate this award to our customers for their continued loyalty and to our employees for their hardwork.

This is the second prestigious award conferred on the Bank within the last month. The Chartered Institute of Marketing Ghana (CIMG) on September 20, 2013 also adjudged GCB as the Best Bank 2012.

The awards coincide with the celebration of 60 years of banking excellence in Ghana by GCB this year.

The Africa investor (Ai) Index Series Awards, are the only international, pan-African awards that recognise and reward Africa's institutional investors, stock exchanges, best-performing listed companies, stockbrokers and capital market regulators.
It is a specialist investment and communications firm advising governments, international organisations and businesses on communication strategies for capital market and foreign direct investments in Africa. Africa investor publishes Africa investor, the leading international newsstand magazine for Africa's investment decision makers; maintains the Africa investor 40 Investors' Index and hosts the Ai Index Series Summit & Awards.

Court Throws Out Contempt Case Against Simon Dornoo, Managing Director Of GCB

2013-09-30T15:53:53+00:00

The Fast Track High Court in Accra today, 30th September, 2013 acquitted and discharged the Managing Director of Ghana Commercial Bank Limited (GCB), Mr. Simon Dornoo, of contempt charges brought by some ex-staff of the Bank, Alex Nsiah & Others.
The court presided over by Mr. Justice N. M. C. Abodakpi dismissed the charges on grounds that the application for contempt was incompetent.
According to the Court, the ingredients of contempt which the applicants sought were not satisfied.
The applicants failed to prove to the court any service of notice on the Managing Director of the existence of any judgment and willful failure on the part of the Managing Director to comply with a court decision.
The court awarded costs in the sum of GH¢2,000 against the applicants.

Nanumba District Gets First ATM

2013-09-25T17:08:56+00:00

Ghana Commercial Bank Ltd. (GCB) has brought modern banking services to the Nanumba district and surrounding communities with the provision of ATM services at the new branch of the Bank in Bimbilla.

GCB Bimbilla branch has been relocated to more spacious environs in view of the level of business being handled by the Bank in the district. From three teller points, the branch now has five and these are to be complemented by the services of the ATM.

The branch together with the ATM, were commissioned by the District Chief Executive, Alhaji Mohammed Ibn Abass and Mr Kojo Addae-Mensah, Chief Operating Officer (COO) of GCB.

Chiefs, the youth, traders, farmers, religious and community leaders thronged the new premises of the Bank to witness the ceremony.

The elated DCE did not mince words when he commended the Bank for providing modern banking services in the area.

He urged the Management of GCB to embark on a massive education program on the benefits of banking, the use of the ATM, internet banking and all the other electronic banking products for the mutual benefit of the people and the Bank.

Alhaji Abass said the new premises of the Bank, befits the status of the district and the number of growing businesses.

Bimbilla is attractive for business due to the farming of yam and other food crops, and the location of a hospital, senior high school, College of Education and other institutions there.

Mr Addae-Mensah on his part urged residents of Bimbilla and adjoining towns and districts to take advantage of the presence of the ATM and other electronic banking services to ensure brisk business.

"GCB has not only improved its systems and services and relocated to this magnificent building but has also brought modern banking facilities to your doorstep. Use them to your maximum benefit. Put your hard earned money in the Bank's safe custody and earn a good rate of return so that the value of your money can increase," he said.
The COO explained that the relocation of the branch is in response to its growing customer base and a reflection of the confidence GCB has in the economy and financial market of Nanumba and adjoining districts and communities adding that "it is also in recognition of the key role Nanumba plays in this fast-developing region and the national economy."
He said the Bank offers a wide range of products and services including GCB's 24 Hour Personal Loan, ATMs (ReadyCash), SMS Banking and Internet Banking among others.
He explained that the 24-HR Personal Loan targets individual customers with a regular source of income and GCB SMS Banking provides customers access to their account information through their cell phones. SMS-Banking has also made it easy for GCB customers to check their balance and transfer funds as well as avoid almost all inconveniences associated with transacting business in a banking hall.

The Bimbilla branch of GCB was set up on June 16, 1987, to provide banking services for the chiefs and people of that area.

GCB Voted Bank Of The Year

2013-09-16T17:44:35+00:00

Ghana Commercial Bank Limited (GCB) has been adjudged the Bank of the Year, 2012, by the Chartered Institute of Marketing Ghana (CIMG).

The award is in recognition of expert financial solutions and e-banking products the Bank has introduced over the past two years which have helped to improve service to customers and which have made GCB notable among giants in the banking industry.

The award coincides with the celebration of 60 years of banking excellence in Ghana by GCB this year.
Mr. Samuel Sarpong, the Chief Transformation Officer of the Bank who received the award on behalf of the Bank said the award is a reflection of the major strides achieved under the transformation exercise the Bank embarked on two years ago.

Since then the automation of the Bank's services and the introduction of a range of e-banking products namely SMS banking, Smartpay, 24-hour Personal Loan, MasterCard and most recently GCB e-alerts and e-statements have positioned GCB positively in the mind of customers.

The transformation has touched GCB's products and services, processes, staff and systems with the key objective of re-positioning GCB as the leading financial institution in Ghana.

Mr. Sarpong explained that GCB's innovations in the banking sector, support to communities and overall performance as well as having made such giant strides in product introduction and performance over the past few years and this past year in particular have been noticed by industry watchers

He said while the transformation is on-going to ensure that GCB evolves into a world-class institution, the staff are striving to build a reputation for the Bank as one that can be trusted to deliver superior returns to its shareholders and trusted by its customers to deliver excellent service.

He gave the assurance that the Bank would continue to respond to changes in the industry not only to remain in business but also to excel at what it does to satisfy the various stakeholders adding that "this resilience has culminated in making us the Bank of the Year today."
He dedicated the award to the Bank's investors, customers and Ghanaians from whom GCB has derived the strength to challenge itself to perform better at each stage.

Click here to view images