Accra, Oct. 24, GNA – GCB Bank Limited is
expanding its operations to other countries, the Deputy Managing Director of
the Bank in charge of Operations, Mr Samuel Amankwah, has disclosed.
A statement issued to the Ghana News Agency in
Accra, said as a forerunner, GCB was establishing and deepening correspondent
banking relationship with Sierra Leone and Liberia in West Africa.
“In 2017, GCB Bank and Attijariwafa Bank Group
(AWB), Morocco’s largest financial institution, signed a Memorandum of
Understanding (MOU) to broaden and consolidate financial transactions in Ghana,
ECOWAS and beyond,” it said.
Under the partnership the two financial
institutions will operate as correspondent banks, facilitate trade finance,
deepen capital markets and jointly organise business missions designed to
enhance trade and investment between Morocco and Ghana.
Speaking at a forum organised by the 2020
Investment Association, in Accra, Mr Amankwah said the new minimum capital
requirement of GH¢400 million being pursued by the central Bank would result in
Ghanaians banks emerging with larger capital to undertake bigger financial
deals and transactions that would support the development of the country.
He said GCB had as of June this year surpassed
the GH¢400 million by GH¢100 million, thus bringing GCB’s minimum capital to
On the takeover of Capital and UT banks by GCB
last year, Mr Amankwah said after the integration of those banks, it was more
poised to deliver efficient and satisfactory services to customers and
He reiterated that GCB’s deposit base had
broadened with networked branches of 183 in addition to 19 agencies.
He said the strengthening of regulations and
corporate governance measures in the financial services sector by the Bank of
Ghana would result in a stable and safer banking sector in Ghana.
Ghana would see a stronger financial sector
with safer investor assets and deposits to the benefits of Ghanaians and the
investor public, he emphasised.
The Managing Director of UMB Bank, Mr John
Awuah, said Ghana now had a vibrant financial services sector.
He said the measures put in place by the
Regulator, including reduction in non-performing loans, robust financial
reporting formulae and compliance with regulations would yield more positive
With the collapse and consolidation of seven
banks in Ghana, he said, the BOG and Government had been meticulous to the extent
that no depositor had lost money in the process.
Mr Awuah said about 70 per cent of the
Ghanaian population were either unbanked or under-banked.