Resilient GCB Meets Minimum Capital Requirement Ahead Of Time

GCB Bank Limited remains resilient as it has sufficient resources to meet the new minimum capital requirement of GH¢400 million.

The Bank of Ghana (BOG) has set 31st December this year for all banks operating Ghana to meet the that requirement.

The Chairman of the Board of Directors of the Bank, Mr. Jude Kofi Arthur, told shareholders at the Bank's AGM that, “Your Bank has sufficient resources to meet this requirement ahead of schedule.”

In line with the Bank's governance and best practice rules, the Board obtained approval from shareholders to transfer GH¢400 million from income surplus to stated capital which the shareholders endorsed without hesitation.

By the unanimous endorsement of the shareholders, GCB's stated capital is now GH¢500 million.

This proves the resilience and financial muscle of GCB and makes GCB the first Bank to meet the new minimum capital requirement six months ahead of schedule.

Mr. Arthur said GCB has a strong balance sheet, the largest network of 183 branches after the assumption of the erstwhile Capital and UT banks and a strong customer base.

“We have put in place a sound governance framework which reflects best industry practice,” he said.

Going forward, he said, “Our focus is to deal with our weaknesses and enhance our strengths so we can be the number one bank in Ghana once again.”

The Board Chairman said GCB would use automated systems on digital platforms to enhance its services and thereby revenues.

He gave the assurance that the Board and Management would continue to be accountable to shareholders.

“We shall promote sound corporate governance practices and endeavor to execute our mandate within the construct of our regulations”, Mr. Arthur said.

“”As Chairman of your Bank, I feel proud each day of the work our staff do to back our customers. On behalf of the Board, I thank them for their dedication, particularly for their commitment and understanding during the difficult times. We have no doubt that we can count on their support as we move towards creating a better future.”