NIB boss penciled for vacant GCB MD position

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Information gathered by your authoritative Atinkaonline indicates that Mr. Ernest Mawuli Agbesi, current Managing Director of the National Investment Bank,(NIB) will soon be announced as the new MD for GCB barring any last minute hitch.

According to our reliable source, the Board of GCB settled on the astute banker following his sterling performance during interview for the vacant position.

Mr. Ernest Mawuli Agebsi, John Kofi Mensah, formerly of First Capital Plus, now Capital Bank and three others faced an interview panel on March, 28 this year which happened to be Easter Monday and the NIB boss impressed the panel according to sources. Alhassan Andani, MD of Stanbic Bank – Ghana has allegedly shown interest in the job.

The GCB MD position became vacant following the resignation of then Managing Director, Simon Dornoo on March 3, 2016 after serving for six years. Even though a statement from the bank explained that Mr. Dornoo left the bank “ to pursue other interests,”, information gathered indicates that he was forced to resign following some poor banking decisions, which was affecting the fortunes of GCB.

“During his tenure, the giving of ‘uncollateralized’ loans became a very big issue as it was alleged that some many cronies were failing to pay their debts,” a source revealed and added, “ he was pushed to save the fortunes of the bank. The bank’s Chief Operating Officer, Samuel Sarpong is currently acting as the new Managing Director.

As the bank searches for someone to redeem its fortunes , there appears to be a general consensus among members of the board that Ernest Mawuli Agbesi , who is believed to have transformed the NIB, which had suffered bad press due to poor decisions under previous management, is the right man for the job. It will be recalled that the former National Investment Bank (NIB) boss, Mr. Daniel Charles Gyimah faced some charges in court for willfully causing financial loss to the state following some poor banking decisions such as approving uncollateralized loans and approving credit facilities without regard to the Board.

NIB UNDER THE NEW MANAGEMENT HEADED BY ERNEST MAWULI AGBESI

Within a space of two years, the National Investment Bank (NIB) which is a parastatal private bank in Ghana and established in 1963 as one of the commercial banks licensed by Bank of Ghana has witnessed a huge leap in its deposits which had risen to an amount of GHS 1,782 million by the end of 2015, representing over 130%.

This follows a focused transformational agenda being embarked upon by current management headed by Mr. Ernest Mawuli Agbesi.

The present management also worked very hard to improve the profit position of the state bank, so that its profit rose from GHS 38 million in 2013 to GHS 120million in 2015.

This improvement in profit also saw shareholders smile as shareholder funds increased from GHS285 million in 2013 to GHS 591 million in 2015. Dividends of GHS 9.9 million were for the first time in twelve years, paid to shareholders in 2015.

The Bank increased its branches from twenty eight in 2013 to thirty nine in 2015 and currently the number has reached forty two with the Mampong branch being the latest.
The National Investment Bank which initially had 54% shares in a subsidiary company, 1st Ghana Savings and Loans Limited, has increased its shares in the company under the current management.

BACKGROUND OF ERNEST MAWULI AGBESI

Mr. Ernest Mawuli Agbesi is a Banker by profession. He holds an MBA, P.GD and a Diploma in Accounting and started his banking career in 1985 with the then Ghana Co-operative Bank Limited (in liquidation) rising to the position of Deputy Manager in January, 2000.

He joined International Commercial Bank in 2000 where he became a Divisional Head in 2006 in charge of Sales & Business Development, Estates and General Services and Retail Banking. He again joined Unibank in January, 2008 where he was Head of Sales & Business Development and later Head of Banking Operations where he supervised the organic growth of the Bank until his appointment as the Managing Director of National Investment Bank Limited in March, 2014.

 

Source: atinkaonline.com

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