Simon Dornoo-MD of GCB

Simon Dornoo-MD of GCB

Ghana Commercial Bank (GCB) will soon wear a new name approved by shareholders at its recent Annual General Meeting (AGM) held in Accra Friday.

The new name ? GCB Bank Limited ? technically comes into force after the bank completed its ?change of name forms? at the Registrar General?s Department so it could observe attendant legal conditions.

Dr Fritz Gockel, Board Chairman of GCB, who chaired the meeting, said the bank?s strategy to re-brand was to break itself from its solely ?commercial? confines and exercise other functions required of a universal bank while it attracts international appeal.

GCB?s total income rose by 45 per cent from GH?289 million in 2011 to GH?418 million in 2012 while profit-before-tax improved by 520 per cent from GH?31.1 million in 2011 to GH?192.9 million last year.

Profit-after-tax shot up by 695 per cent from GH?18 million in 2011 to GH?143 million.

According to Dr Gockel, GCB should be launching a new retail setting design this year to grow consumer banking to help place the bank among top performers in the industry.
Also, the bank?s shareholders approved an increase in the bank?s stated capital from GH?72 million to GH?100 million.

Some shareholders even proposed that it should be increased to GH?150 million in the near future.
Managing Director, Simon Dornoo, commenting on the aforementioned moves, stated: ?We are focusing on developing the brand and so have consulted extensively to be a modern progressive and people-centred bank. The main focus is to have a brand that is easily recognizable and also enhance the service culture.?

A lot of companies have recently rebranded to earn more international attention and these include HFC Bank, SIC Insurance Company Limited, PBC Limited and UT Bank, among others.

Following the bank?s good performance last year, shareholders are to enjoy GH?0.14 for every share they hold.

 By Samuel Boadi

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