Guaranty Trust (GT) Bank Ghana is planning to expand its retail banking business in Kumasi by opening four new branches in 2014.

Two branches will open in the central business district of Adum, while the other two at Alabar and Suame.

The expansion will allow GTBank, which has been operating with a single branch in the region since the last five years, to offer its customers with easy access to products and services.

GTBank branch head, Henry Obimpeh, said the expansion drive is a result of growth in business and change in operational strategy.

"Initially we were doing commercial banking purely but now we realize that the retail market is also booming and for that matter we need to take advantage of that and serve our retail customers," Obimpeh added.

GTBank is likely to open first two branches by the first quarter of 2014.

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According to Obimpeh, GTBank will depend on new initiatives such as electronic-based products and senior account for pensioners to meet customer’s needs and drive the business.