RE: Tension at GCB Bank over US$20 million bullion van deal

GCB Bank Limited
GCB Bank Limited

GCB Bank PLC has noted with dismay publication of news items in the 8th and 24th June 2022 editions of a newspaper called the Herald suggesting the termination of the contracts of the Banks existing cash in transit

(CIT) vendors and awarding contracts for armoured bullion van CIT services to unqualified vendors.

In a statement, management of the GCB Bank said, they deem the content of the publication as false, malicious and intended to discredit and unnecessarily pre-empt the efforts of the Board and Management of the Bank to proactively protect the interest of shareholders.


The statement again said, the Bank has neither terminated the contract of existing CIT service providers nor awarded a contract for the use of armoured bullion vans for CIT services.

Further, the Bank has not granted a loan to any company to procure and/or operate armoured bullion vans for CIT services. For the paper to insinuate that GCB Bank is granting a US$20 Million facility to a vendor to procure armoured vans and provide CIT services to the Bank is frivolous and a figment of their imagination in an attempt to malign the hard work of the management and staff of GCB Bank in growing this great national asset.

They again said, any attempt to influence the Bank to consider any vendor who does not meet the requirements for the CIT services will not be tolerated.

It may be recalled that in December 2020, the Bank of Ghana (BoG) issued a directive for Banks to replace soft skinned bullion vans with armoured bullion vans for CIT services. Subsequent to the BoG directive, GCB Bank PLC received a number of proposals from prospective vendors which will be considered within the framework of the Bank’s procurement process.

“We wish to assure clients, the general public and all stakeholders that the Bank upholds high governance standards in engaging vendors and will comply with its procurement policy and process to ensure that companies that meet both technical and financial requirements are selected to carry out CT service for the Bank.”

“GCB Bank PLC has a rich heritage and is a national asset that must be shielded and protected from persons with malicious intent. The Board and Management of GCB would like to urge our staff, customers, shareholders and the general public to ignore the malicious publication and other versions being circulated on social media and other platforms.

The release said, the Bank is focused on providing financial service to its customers and wide stakeholder groups and will continue to protect their interest.



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