Ghana’s GCB Bank has signed a memorandum of understanding (MoU) with Morocco’s Attijariwafa Bank Group (AWB) to broaden and consolidate financial transactions in Ghana and in the region under Economic Community of West African States (ECOWAS).
Under the deal, both the entities will operate as correspondent banks, facilitate trade finance and jointly organise business missions to improve trade and investment between Morocco and Ghana.
GCB Bank and AWB also agreed to explore the feasibility to carry out big deals in the areas of retail banking, insurance, consumer finance, corporate and investment banking.
The partnership will also enable AWB customers based in Francophone countries (French as an official language) with businesses in Ghana to utilise GCB in conducting banking operations.
Listed in the Ghana Stock Exchange, GCB has more than 200 networked branches and operates 20 Agencies and 280 ATMs.
With a representative office in Paris, AWB operates across 14 countries across the north, west and central Africa. It has 3,122 branches across Morocco and 3,844 branches worldwide.
In August last year, GCB Bank received the approval of the country’s central bank to acquire all deposits and selected assets of UT Bank and Capital Bank.
Earlier, the banking licences of UT Bank and Capital Bank were revoked due to their poor performance.