GCB Bank Limited has changed its name to GCB Bank PLC.
The company notified the public of the change in a statement released on its social media platform.
“As per a resolution passed by the shareholders of the Bank at its Annual General Meeting on 25th March 2021 and subsequent publication of the new name on the 1st November 2021 in the Commercial and Industrial Bulletin No 48 on page 406.
“The change was mandated by the coming to force of the Companies Act, 2019 (Act 992) section 21 (b) which directs the last words of the corporate name of public companies limited by shares to be Public Liability Company or the abbreviation PLC,” it said.
Per the release, the company wishes that all future publications and contracts with third-party providers should bear the new name — GCB Bank PLC.
However, it added that by section 21 (14) of Act 992, the change in name shall not affect the rights or obligations of the company or render defective legal proceedings by or against the company.
Hence, for existing agreements and contracts that bear the Bank’s old name, their validity will not be affected by the use of the Bank’s new name.