GCB Bank Limited (GCB)

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Thu, 25 Apr 2024

GCB Bank Limited is a tier 1 bank with an asset size of GHS4.87 billion (June 2015), which was incorporated in 1953 to offer banking services to an emerging Ghanaian economy. The bank has the largest exposure to government banking business in Ghana, a situation that caused problems when the state owned Tema Oil Refinery (TOR) failed to pay its debts. The debt was subsequently restructured between 2010 and 2011 to release funds that enabled the bank's new leadership led by Simon Dornoo to rebuild its loan book in targeted sectors, which transformed the bank's financial performance. The new management is also working on expanding the bank's range of products to include treasury and investment banking. However, the most arduous task that the new leadership is embarking on is changing the mindset of bank's workforce from that of a public sector bank to a private sector bank. GCB has the widest network of branches in Ghana (158 branches), which enables the bank to mobilize cheap retail deposits.

  • 1953: Year established
  • 1996: Listed on the Ghana Stock Exchange
  • 2007: Raised GHS60.0 million against a target of GHS45.0 million in a rights issue that was oversubscribed by 71.6%.
  • 2010: Appointment of Simon Dornoo as Managing Director
  • 2010: Government restructured TOR debt and paid GHS445 million cash to GCB as part payment.
  • 2011: Government cleared remaining TOR debt by issuing a GHS572 million 3-year bond to GCB
  • 2013: Shareholders approved a change of name from Ghana Commercial Bank Limited to GCB Bank Limited
  • 2017: Acquired the assets of 2 failed banks including UT Bank and Capital Bank
  • 2018: Transfers GHS400mn from income surplus to stated capital in a bid to meet new minimum capital

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Full NameShareShare Percent (%)
   
Social Security and National Insurance Trust79,199,55029.89
GH/GV Act. By Ministry of Finance & Economic Planning56,608,61321.36
SCGN/NTGS RE:HANDELSBANKEN NORWAY UCITS16,997,6046.41
Daniel Ofori10,203,9363.85
SCGN/PICTET AFRICA NON TAX 6275J PICTETMAST7,604,9682.87
SCGN/JPMC RE DUET AFRICA OPPORTUNITIES MASTER FUND4,423,7161.67
SCGN/CitiBank Kuwait Inv Authority3,565,9001.35
GCB Staff Provident Fund2,996,6951.13
SCGN/NTGS LUX RE LUDP RE:AIF CLIENTS 8 PERCENT2,317,0670.87
SCGN / ENTERPRISE LIFE ASS. CO. POLICY HOLDERS1,932,9930.73
GHANA REINSURANCE COMPANY LTD GENERAL BUSINESS1,799,6510.68
SCGN/SSBTC FOR CHANGE GLBL FRONTIER MKTS1,755,0850.66
SCGN/SSB EATON VANCE STRUCTURED EMERGING MARKET FUND1,626,9180.61
SCGN/JP MORGAN CHASE DUET GAMLA LIV AFRICA1,625,0000.61
GHANA COCOA BOARD1,600,0000.60
STD NOMS/EATON VANCE COLL. INV TRUST FOR EMP BEN1,577,8180.60
SCGN/EPACK INVESTMENT FUND LIMITED TRANSACTION EI FL1,531,2000.58
SCGN/SSB EATON VANCE TAX MANAGED EMERGING MARKET FUND1,384,3700.52
STD NOMS/BNYM SANV/KAPFRG INVESTIN PRO1,208,6820.46
STD NOMS/BNYM SA NV/ADV SRS TRST AST PTRIC EMG MKT1,190,8000.45
Total for Top 20 Shareholders201,150,56675.91
Full NameShareShare Percent (%)
   
Social Security and National Insurance Trust79,199,55029.89
GH/GV Act. By Ministry of Finance & Economic Planning56,608,61321.36
SCGN/NTGS RE: HANDELSBANKEN NORWAY UCITSCL.A18,001,6046.79
Daniel Ofori10,095,7363.81
SCGN/JPMC Re Duet Africa Opportunities Master Fund c/o SCB GH. Limited5,811,1162.19
SCBN/ Banque PICTET & CIE SA Re Non Tax 6275J5,566,0902.10
SCGN/CitiBank Kuwait Inv Authority3,566,9001.35
GCB Staff Provident Fund2,996,6951.13
SCGN/PICTET AFRICA NON TAX 6275J2,038,8780.77
Northern Trust Global Services Ltd. lux Client Acc1,975,2100.75
Ghana Reinsurance Company Limited1,799,6510.68
SCBN/SSB Eaton Vance Structure Emerging Mkt. Fund1,626,9180.61
SCGN/JP MORGAN CHASE DUET GAMLA LIV AFRICA OPPORTUNITIES FUND IC1,625,0000.61
Ghana Cocoa Board1,600,0000.60
STD NOMS/EATON VANCE COLL. INV TRUST FOR EMP BEN,1,577,8180.60
FUND LIMITED TRANSACTION E I F L1,531,2000.58
SCGN/SSB EATON VANCE TAX- , MANAGED EMERGING MARKET FUND1,384,3700.52
STD NOMS/BNYM SANV/KAPFRG INVESTIN PRO STD NOMS/BNYM SANV/ KAPFRG INVESTIN PRO AFRIKANSK, AFRIKANSK1,208,6820.46
STD NOMS/BNYM SA NV/ADV SRS TRST-AST PTRIC EMG MKT,1,190,8000.45
SCGN / ENTERPRISE LIFE ASS. CO. POLICY HOLDERS, SCGN/ ENTERPRISE LIFE ASS. CO. POLICY HOLDERS SCGN / E.L.A.C.P.H.1,119,4760.42
Total for Top 20 Shareholders200,523,30775.67
Full NameShareShare Percent (%)
   
Social Security and National Insurance Trust79,199,55029.89
GH/GV Act. By Ministry of Finance & Economic Planning56,608,61321.36
SCBN/Northern Trust Global Services Limited18,001,6046.79
Daniel Ofori10,095,7363.81
SCGN/JPMC Re Duet Africa Opportunities Master Fund c/o SCB GH. Limited5,811,1162.19
SCBN/PICTET Africa Non Tax 6275J5,566,0902.10
GCB Staff Provident Fund2,996,6951.13
SCGN/CITIBANK KUWAIT INV AUTHORITY2,591,0000.98
SCGN/PICTET AFRICA NON TAX 6275J2,038,8780.77
Ghana Reinsurance Company Limited1,799,6510.68
SCBN/SSB Teacher Retirement Systems of Texas FD1,790,0000.68
SCGN/CITIBANK London OP- Africa Fund (Non-UCITS)1,657,1740.63
SCBN/SSB Eaton Vance Structure Emerging Mkt. Fund1,626,9180.61
Ghana Cocoa Board1,600,0000.60
SCBN/Epack Investment Fund Limited - Transaction Account1,521,0000.57
SCGN/JP MORGAN CHASE DUET GAMLA LIV AFRICA OPPORTUNITIES FUND IC1,425,0000.54
SCGN /PICTET & CIE (EUROPE) S.A LUX RE BLAKENEY L.P1,397,5970.53
STD NOMS (TVL) Pty/BNYM SANV/Advanced Series Trust-SCGN/SSB EATON VANCE TAX, MANAGED EMERGING MARKET FUND1,384,3700.52
AST Parametrics emerging markets equity portfolio1,190,8000.45
STD NOMS TVL PTY/BNYM SANV/KAPITALFORENINGEN INVESTIN PRO, AFRIKANSKE AKTIER1,169,5820.44
Total for Top 20 Shareholders199,471,37475.27
Full NameShareShare Percent (%)
   
Social Security and National Insurance Trust79,000,00029.81
GH/GV Act. By Ministry of Finance & Economic Planning56,608,61321.36
SCBN/Northern Trust Global Services Limited18,001,6046.79
Daniel Ofori10,095,7363.81
SCBN/PICTET Africa Non Tax 6275J5,566,0902.10
Harding Loevner Management LP – Frontier Emerging Market3,371,8491.27
GCB Staff Provident Fund2,996,6951.13
SCGN/JPMC Re Duet Africa Opportunities Master Fund c/o SCB GH. Ltd2,944,7671.11
SCGN/SSB &T as custodian Re SQM Frontier Africa Master FD2,733,8781.03
Ghana Reinsurance Company Limited1,799,6510.68
SCBN/SSB Teacher Retirement Systems of Texas FD1,790,0000.68
SCGN/CITIBANK London OP- Africa Fund (Non-UCITS)1,657,1740.63
SCBN/SSB Eaton Vance Structure Emerging Mkt. Fund1,626,9180.61
Ghana Cocoa Board1,600,0000.60
SCBN/Epack Investment Fund Limited - Transaction Account1,521,0000.57
SCBN/SSB Eaton Vance Tax-Managed Emerging Mkt. Fund1,384,3700.52
SCBN/CITIBank NY Eaton Vance International (Ireland) FDS Plc- SCGN/PICTET S.A LUXEMBOURG RE BLAKENEY L.P1,328,6000.50
STD NOMS (TVL) Pty/BNYM SANV/Advanced Series Trust- AST Parametrics emerging markets equity portfolio1,190,8000.45
SCGN/JP MORGAN CHASE DUET GAMLALIV AFRICA OPPORTUNITIES FUNDIC1,175,0000.44
STD NOMS TVL PTY/ BNYM SANV/KAPITALFORENINGEN INVESTIN PRO, AFRIKANSKE AKTIER1,169,5820.44
Total for Top 20 Shareholders197,562,32774.53
Full NameShareShare Percent (%)
   
Social Security and National Insurance Trust79,000,00029.81
GH/GV Act. By Ministry of Finance & Economic Planning56,608,61321.36
SCBN/Northern Trust Global Services Limited18,001,6046.79
Daniel Ofori10,095,7363.81
SCBN/PICTET Africa Non Tax 6275J5,566,0902.10
SCBN/SSB& TAS Custodian Re SQM Frontier Africa Master FD, Limited FD-SQM13,983,8781.50
SCBN/Northern Trust co AVFC 6314B3,725,9491.41
GCB Staff Provident Fund2,996,6951.13
SCGN/JPMC Re Duet Africa Opportunities Master Fund c/o SCB GH. Ltd2,008,8670.76
Ghana Reinsurance Company Limited1,799,6510.68
SCBN/SSB Teacher Retirement Systems of Texas FD1,790,0000.68
SCGN/CITIBANK London OP- Africa Fund (Non-UCITS)1,657,1740.63
Ghana Cocoa Board1,600,0000.60
SCBN/SSB Eaton Vance Structure Emerging Mkt. Fund1,554,4410.59
SCBN/Epack Investment Fund Limited - Transaction Account1,521,0000.57
SCBN/SSB Eaton Vance Tax-Managed Emerging Mkt. Fund1,384,3700.52
SCBN/CITIBank NY Eaton Vance International (Ireland) FDS Plc- Eaton Vance Int (IRE) PPA Emer Mkts EQT FD1,245,7000.47
SCGN/DZ Private Bank S.A Re Silk-African Lions Fund C/O Standard Chartered Bank Ghana Limited1,242,3170.47
STD NOMS (TVL) Pty/BNYM SANV/Advanced Series Trust- AST Parametrics emerging markets equity portfolio1,190,8000.45
SCGN/SSB and Trust AS Custodian for Wasatch Frontier Emerging Small Countries Fund1,126,7000.43
Total for Top 20 Shareholders198,099,58574.76
Industry

Banking

Auditors

Deloitte & Touche, Accra.

Secretary

Ms. Amma Agyeman Kusi-Appouh GCB Bank Building, Thorpe Road, High Street P. O. Box 134, Accra.

Registrar

Share Registry, GCB Bank Limited, Head Office, High Street, Accra.

Solicitors

Registered Office

GCB Bank Building, Thorpe Road, High Street. P. O. Box 134, Accra.

Subsidiaries

Development Finance & Holdings Limited. Activity Venture Finance Company (40%). Ghana International Bank Plc (20%).