Move on UT and Capital Banks was Strategic  says GCB Bank MD

The Managing Director of GCB Bank, Mr. Anselm Ray Sowah, says assuming the management of UT and Capital Banks is a strategic move in the interest of the Bank.

“It was not an overnight decision to take over those two banks. I am hopeful that the expansion of GCB will bring profit,” he said.

Answering questions at a news conference in Accra to explain the Bank’s position on the takeover of UT and Capital banks, he said GCB is a business entity which takes advantage of opportunities as and when they come.

Touching on the effects of the takeover on the staff of the two banks by the GCB, the MD said there would be a skills assessment of the staff would be taken to determine who and how many will be retained.

“For now all permanent staff below the Executive Management level will be engaged afresh by GCB, if they so desire,” he said.

“As we continue with the integration process, we will review all the current positions and situations against the planned strategy, organizational structure and staffing requirements of the expanded GCB for right-sizing.”

Mr. Sowah said “as a result some jobs may eventually be affected but we will take steps to ensure we minimize the adverse impact of this integration.”

He said the two institutions might have some competencies and strengths in some sectors of banking and GCB would tap into this for the benefit of the Bank.

In terms of capital adequacy, Mr. Sowah reiterated that GCB has consistently through best practice and good corporate governance ensured that it always met the rules and conditions of the regulatory body and will ensure that this best practice is engrained in all of the Bank’s activities.

He said the network of the Bank at the current 214 as against the pre-assumption spread of 161, positions GCB to attract deposits from various sectors and parts of the country at a much lower cost.

“This will enable us on-lend at lower interest rates for the benefit of the SME sector, long identified as the back-bone of the national economy.”

He assured that Relationship Managers of the Bank will stay in close contact with SME and Corporate Customers to ensure that the Bank provides them excellent service that will promote the sustainability and profitability of their businesses.

“I want to assure all stakeholders that you have a partner in GCB, a resilient institution which is in the business of supporting businesses to realize their dreams.”

Mr. Samuel Sarpong, Chief Operating Officer of the Bank, gave the assurance that GCB would exceed the expectations of customers of the assumed banks.

Mr. Socrates Afram, Chief Finance Officer of GCB said the Bank would go the extra length to retain customers of the assumed banks.