GCB Bank Limited, in a statement issued by the corporate affairs department of the bank, has announced its decision to change its corporate name from GCB Bank Limited to GCB Bank PLC.
According to the Bank, the change was mandated by the coming to force, part of the Companies Act, 2019 which directs public companies limited by shares to add PLC to their names.
“This is to officially inform the general public and stakeholders that the corporate name of the Bank has been changed from GCB Bank Limited to GCB Bank Public PLC as per a resolution passed by the shareholders of the Bank at its Annual General Meeting. The corporate name is therefore GCB Bank PLC, and as such, going forward, the Bank shall be referred to as GCB Bank PLC in all future publications and contracts with third party providers.
“The change was mandated by the coming to force of the Companies Act, 2019 (Act 992) section 21 (b) which directs the last words of the corporate name of public companies limited by shares to be Public Liability Company or the abbreviation PLC.”
GCB Bank’s Statement
The GCB Bank Limited, the largest bank in Ghana in terms of total operating assets and share of industry deposits, indicated that the decision to change its corporate name to GCB Bank PLC, was after “a resolution passed by its shareholders at the annual general meeting on 25 March 2021.”
Nonetheless, the bank assured that the change of name or the new name will not affect the bank’s operations and its rights.
“The change in name shall not affect the rights or obligations of the company or render defective legal proceedings by or against the company.”
GCB Bank’s Statement
The bank added that the new name will not invalidate contracts or old transactions.
“Hence, for existing agreements and contracts that bear the Bank’s old name, their validity will not be affected by the use of the bank’s new name.”
GCB Bank’s Statement
From Ghana Commercial Bank to GCB Bank Limited
In 2013, the bank undertook a similar action and renamed itself from Ghana Commercial Bank to GCB Bank Ltd, with a new brand identity.
The purpose of the Ghana Commercial Bank rebranding at the time was to make it more relevant to the needs of its customers in the 21st century. As a result, the bank also changed its corporate logo from a standing to a soaring eagle, aiming at higher heights and reach.
Owing to its branding strategies, GCB Bank Ltd serves the banking needs of large corporations, parastatal companies, small and medium enterprises as well as individuals.
Brief History of the Bank
The bank was founded in 1953, with 27 employees, as the Bank of the Gold Coast. Initially, it focused on serving Ghanaian traders, farmers, and business people, who could not obtain financing from the expatriate banks.
In 1957, when Ghana attained Independence, the bank re-branded to Ghana Commercial Bank, to concentrate on commercial banking.
In the beginning, the bank was wholly owned by the Government of Ghana. But now, the government of Ghana owns 21.4% shares in the bank, while the remaining 78.6% is owned by institutional and private investors.
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