GCB Bank Limited, formerly Ghana Commercial Bank, has been rebranded on the back of sustained growth and renewed investor confidence -- reclaiming its position as a strong pillar in the country’s banking sector as it seeks to partner government in its socio-economic advancement drive.
The bank’s new symbol resonates with a dynamic interpretation of an eagle that positions it as energetic, capable and far-sighted; and also reflects its wide reach across the country while respecting and retaining the bank’s recognisable and longstanding heritage.
GCB Bank’s repositioning agenda will be hinged mainly on superior customer service delivery, an extensive rural expansion drive coupled with a highly motivated workforce and highly efficient operational system.
Board Chairman Mr. Elliot Gordor, speaking at the bank’s launch of its new logo in Accra, said GCB’s brand-new identity marks a critical step in the bank’s future positioning as it seeks to take advantage of the recent positives in consumer banking to consolidate its position as a leading player in both the domestic and regional banking business.
“The banking industry is leading the way in Africa’s changing economy as it continues to play a pivotal role in promoting strong markets across the continent; the consumer banking market is becoming attractive as a result of the growing middle-income class and these are the opportunities that we seek to exploit.
“The bank’s current strength demands the need for strategic positioning for growth to support the national economy and to regain its position among the top banks in Africa. The bank now has a market capitalisation of GH¢1.3billion, and it is currently the most competitive stock in the market according to investors in the sub-region, and these are positive marks on which the bank is being repositioned,†he said.
Mr. Gordor said it is unfortunate that GCB Bank currently does not appear among the top 200 banks in Africa, but he is optimistic that the sustained growth over the last four years and the repositioning will help to turn around the worrisome situation.
He said the bank’s new chapter will witness an aggressive push into rural communities as it leverages numerous existing branch networks across the country to reach out to the unbanked in those remote areas.
Managing Director of the bank, Mr. Simon Dornoo, said although the bank lost ground for some time, it has now bounced back to double its revenues from GH¢200million to GH¢560million; the bank’s operating profit has also grown from GH¢20million to GH¢320million while deposits have surged significantly over the last four years.
“GCB Bank evokes a feeling of belonging and admiration among people who saw it develops over the years; we lost some ground to new entrants and existing players on the market, but it has come as one of the best performing banks in the country.
“We had to evolve to meet the varied and changing needs of our retail banking clients as well as the expectations and aspirations of companies and institutions, especially those with international trading requirements, and this has been reflected in our performance,†he said.
Mr. Dornoo said GCB Bank will continue to play a leading role in the growth of the national economy: “Our commitment to Ghana and its future are demonstrated through our everyday actions as a bank; Ghana will remain our home market and central to our future expansion plansâ€Â.
By Patrick Paintsil | B&FT Online | Ghana
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