GCB Bank PLC has indicated it’s unable to proceed with the payment of the dividend to shareholders for the financial year ended December 31, 2024.
According to the bank, following continued engagements with the regulator, it has been advised that, due to non-compliance with the single obligor limit arising from the conversion of restructured cocoa bills into bonds, regulatory “no objection” for the dividend payment cannot be granted at this time.
In a statement from the Corporate Affairs Department, the bank, however, said it is actively engaging with the Bank of Ghana to resolve this matter as quickly as possible and to restore full compliance.
“The Bank is actively engaging with the regulator to resolve this matter as quickly as possible and to restore full compliance.”
“GCB Bank PLC regrets any inconvenience this development may cause and assures shareholders and stakeholders of its unwavering commitment to regulatory compliance, financial soundness, and the protection of shareholder value”, it pointed out.
The dividend payment was approved at its Annual General Meeting (AGM) held on May 2, 2025, for the financial year ended December 31, 2024.
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