The GCB Bank Limited, the largest bank in Ghana in terms of total operating assets and share of industry deposits, has changed its corporate name to GCB Bank PLC after “a resolution passed by its shareholders at the annual general meeting on 25 March 2021.”
In a statement issued by the corporate affairs department of the bank, it noted that 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.”
The bank also said: “The change in name shall not affect the rights or obligations of the company or render defective legal proceedings by or against the company.
“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 PLC was founded in 1953.