Image

GCB to start investment banking

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

Staff for the unit have already been recruited, Managing Director Anselm Sowah told reporters in Accra.

GCB also 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 Ltd. and Capital Bank Ltd. and another 120 will leave this year, the MD said. The lender has 2,300 staff and 180 branches.

Source: Bloomberg

Related Posts

Ogunlesi leads BlackRock’s takeover of key Panama Canal ports

Nigerian mogul and the Founding Partner, Chairman, and Chief Executive Officer of Global Infrastructure Partners (GIP), Adebayo Ogunlesi,…

Kenya:Britam profit jumps 53.5% for fourth straight year

Britam Holdings posted a 53.5 percent jump in net profit to a record Sh5.03 billion ( over $38.9…

Access Bank supports Green Africa aircraft acquisition

Access Bank has reinforced its commitment to supporting emerging businesses by providing a Naira debt facility to Green…

FirstBank earmarks N1trn SME funding

FirstBank has announced its commitment to disbursing over N1 trillion in funding to support the growth of small…

Leave a Reply

Your email address will not be published. Required fields are marked *