Nigeria’s GTBank finally restructures into a HoldCo, Says it is ‘Positioned for Growth’

After a process that lasted more than a year, Guaranty Trust Bank has finally transitioned into a holding company. The newly diversified business structure is expected to accelerate growth and ensure profitability, the company said.

In a detailed corporate action that was obtained by Business Elites Africa, GTBank explained that in line with the restructuring, a new operating company called Guaranty Trust Holding Company Plc (GTCO) has been established. GTCO will serve as the holding/operating company for all the subsidiaries under the group. Meanwhile, GTBank’s status has been changed from that of a public company to a limited liability company, such that its name shall henceforth be known as Guaranty Trust Bank Limited.

Furthermore, a board of directors has been constituted for Guaranty Trust Holding Company Plc. The Board has Mr Sola Oyinlola as Chairman, Mr Segun Agbaje as the Group Chief Executive Officer, Mrs Cathy Echeozo as Non-Executive Director, Mr Suleiman Barau and Mrs Helen Bouygues as Independent Non-Executive Directors and Mr Adeanji Adeniyi as Executive Director.

The Board of Guaranty Trust Bank Limited was also reconstituted following the retirement of some directors, including Mrs Osaretin Demuren who was the former Chairman of GTBank. New board members include: Mr Ibrahim Hassan as Chairman, Mrs Miriam Olusanya as Managing Director, Mr Olabode Augusto as Non-Executive Director, Mrs Imoni Apkofure and Mrs Victoria Adefala as Independent Non-Executive Directors, Mr Jide Okuntola Deputy Managing Director and Mr Haruna Musa as Executive Director.

It should be noted that all these appointments have received the necessary approvals from the Central Bank of Nigeria, CBN.

While commenting on the development, Mr Segun Agbaje said the restructuring is expected to enable them to take advantage of the opportunities that currently abound in the financial services industry.

“We believe that a holding company structure will allow us take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and every business by leveraging technology and strategic partnerships. As a bank, we were always looking to meet every customer need; with our corporate re-organisation, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities,” Agbaje said.

To see detailed profiles of the new directors of GTCO and GTBANK, click here.