Shareholders of Ghana Commercial Bank have given their board the approval to change the bank's name to GCB. The resolution passed at the bank's Annual General Meeting today is part the bank’s strategy to re-brand the bank as a world class financial institution. Managing Director, Simon Dornoo tells JOY-BUSINESS the move is to aid its expansion drive outside the country and also take full advantage of its universal banking status. “We are focusing on developing the brand and so have consulted extensively to be a modern progressive and people-centred bank. The main focus is to have a brand that is easily recognizable and also enhance the service culture” he explained. The shareholders also agreed to increase the bank’s stated capital to 100 million Ghana cedis from 75 million. Mr. Dornoo also welcomed proposals by shareholders to increase the bank's capital to 150 million Ghana cedis. GCB’s profit went up by 520 percent to 192 million Ghana cedis last year. As a result of this sterling performance, shareholders would enjoy 14 pesewas for every share held.