Bloomberg/Nicholas Seun Adatsi

Business

Ghana's GCB Bank plans to start an investment-bank unit

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Staff for the unit has already been recruited.

Sunday 26, May 2019

(Bloomberg) --GCB Bank, Ghana’s biggest lender, plans to transform its development-finance unit into an investment bank known as GCB Securities.

Anselm Sowah, the Managing Director of GCB Bank, said that the lender plans to start a bancassurance business in partnership with a foreign-based insurer, he said, adding that the lender also wants to start work this year on opening new subsidiaries in English-speaking West African countries.

GCB has cut 300 of the 850 staff it took over in August 2017 from now-defunct UT Bank and Capital Bank and another 120 will leave this year, Sowah said.

The lender has 2,300 staff and 180 branches.

 

TAGS : GCB Bank, Investment Bank unit

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