Ghana’s largest indigenous bank, GCB Bank, a publicly listed company (plc) will venture into the West African sub-regional market before the end of this year, Managing Director, Anselm Sowah disclosed here on Thursday.
Speaking to shareholders, traders and the media on the floor of the Ghana Stock Exchange (GSE) Sowah said the entrance into the sub-regional market will be the first step towards their international business agenda.
The bank’s London and Lome branches were taken over by the state and transformed into the Ghana International Bank when GCB was getting listed on the stock exchange in 1996.
“We will start with the Anglophone countries, before entering into the Francophone ones. This is because it will be easier for us to operate in the Anglophone countries; then we can expand into the Francophone countries,” the MD explained.
The strong culture of risk management that the bank has been known for over the decades is one strong point to enter the sub-regional market with, said Samuel Acquah, Chief Risk Officer of the bank told Xinhua later in an interview.
“If you do not carry along your own culture into another territory, the culture of the place can knock you off
So we will enter into the sub-region with that strong culture of world-class, robust template of risk management,” Acquah maintained.
He said various consultants had been working for the bank to find out the best strategy to enter the sub-regional market with. Once that was done, an announcement will be made before the end of the year on the sub-regional drive.
GCB Bank, formerly Ghana Commercial Bank was founded in 1943 as a state bank with the mandate to promote growth in the local economy. It is currently rated the most liquid stock on the GSE Enditem