The UK-based Ghana International Bank (GhIB) has relieved its Chief Executive Officer, Dean Adansi, of his duties, bringing an abrupt end to his roughly seven-and-a-half-year tenure.

The bank’s board, chaired byDr Johnson Asiama and controlled by the Bank of Ghana, informed Adansi on Sunday that his services were no longer required, with an internal announcement to staff issued the following day.

While the board described the move as Adansi having “assumed leave,” it simultaneously named Ian Owulakwao Greenstreet, an investment banker and financial risk specialist, as his replacement, subject to regulatory approval.

In a communication to staff, Asiama said he was “delighted” that Greenstreet had agreed to take up the role, but made no reference to Adansi’s departure.

In a farewell message to senior staff, Adansi pointed to a significant turnaround under his leadership.

“We grew trade revenues by over 300% and maintained a clean loan book with a strong LCR and CAR,” he said, adding that the bank had achieved $100 million in revenue within five years.

He also cited a board-approved strategy focused on non-interest income, funding diversification and modernisation.

Adansi had been appointed CEO in 2019 and approved by UK regulators — the Prudential Regulation Authority and Financial Conduct Authority — under the Senior Managers and Certification Regime (SMCR).

The leadership transition has raised questions in governance circles over compliance with UK regulatory requirements governing senior banking appointments and exits.

Under the SMCR framework, banks are required to notify regulators and secure approvals for changes to key management roles.

As of early Thursday, the bank’s website still listed Adansi as CEO, suggesting formal regulatory updates may still be pending.

Industry observers say the situation could attract scrutiny, particularly given GhIB’s recent regulatory history.

The bank was placed on a UK regulatory watchlist in 2016 and has since undergone remediation measures, including a Section 166 review — a process that allows regulators to appoint an independent third party to assess aspects of a firm’s operations.

Founded in 1959 as the London branch of Ghana Commercial Bank, GhIB is majority-owned by the Bank of Ghana, which holds more than 50% of shares.

Other shareholders include GCB Bank, Social Security and National Insurance Trust (SSNIT), and Agricultural Development Bank (ADB).

The latest leadership shake-up comes at a time when the bank is positioning itself for growth following years of restructuring and regulatory oversight.