Shareholders at the 19th Annual General Meeting of the Ghana Commercial Bank Limited (GCB) endorsed a proposal by the Board of Directors of the Bank for a change of the Bank's corporate name.
By the approval and pending finalisation of documentation with the Registrar General Department, other regulatory agencies and stakeholders, GCB will now be called GCB Bank Limited.
The resolution forms part of the Bank's strategy to reposition itself (re-brand) as a world class financial institution and in particular the realisation of expansion beyond the borders of Ghana.
The Managing Director of GCB, Mr Simon Dornoo, speaking to journalists after the AGM said the move is to aid its expansion drive outside the country and also take full advantage of itsuniversal banking status.
"We are focusing on developing the brand and so have consulted extensively to be a modern progressive and people-centred bank. The main focus is to have a brand that is easily recognizable and also enhance the service culture" he explained.
Beside the endorsement of the change in corporate name, the shareholders also assented to a request to increase the Bank's stated capital to GH¢100 million Ghana cedis from GH¢72 million.
GCB's profit for 2012 went up by 520 percent to GH¢192 million.
As a result of this sterling performance, shareholders would enjoy 14 pesewas for every share held.