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GTBank transformed

by Emmanuel Ogundele
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Aiming to strengthen its long-term competitiveness and growth prospects, Guaranty Trust Bank plc, has completed its re-organisation, to a Holding Company Structure. Under the terms of the re-organisation, a new operating company has been established. The corporate name of Guaranty Trust Holding Company Plc (GTCO) will be used by the newly established operating company.

Part of the restructuring process, the Board of GTCO was constituted and the Board of Guaranty Trust Bank Limited (GTBank) was reconstituted following the retirements of the following Directors: Mrs. Osaretin Demuren (Chairman), Mr. Adebayo Adeola (Non-Executive Director), Mr. Demola Odeyemi (Executive Director) and Mr. Bolaji Lawal (Executive Director).

GTCO also announced its new Board of Directors as well as changes to the Board of its banking subsidiary, GTBank. All the appointments have been approved by the Central Bank of Nigeria.

GTCO’s Board comprised 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. Adebanji Adeniyi as Executive Director.

 GTBank Board comprised Mr. Ibrahim Hassan as Chairman, Mrs. Miriam Olusanya as Managing Director, Mr. Olabode Agusto as Non-Executive Director, Ms. Imoni Akpoture and Mrs. Victoria Adefala as Independent Non-Executive Directors, Mr. Jide Okuntola as Deputy Managing Director and Mr. Haruna Musa as Executive Director.

 Commenting on the completion of the Corporate Re-organisation, Mr. Segun Agbaje, the Group Chief Executive Officer of GTCO said: “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 African Businesses 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”.

 Prior to its corporate re-organisation to Guaranty Trust Holding Company Plc, Guaranty Trust Bank Plc has been at the forefront of delivering innovative banking products and services to customers and best-in-class Return-on-Equity to shareholders. It is widely regarded as the best managed financial institution in Nigeria and has over the past decade, embarked on a period of unparalleled growth, growing its customer base from less than 3 million customers in 2011 to over 24 million customers in 2020, and profit before tax from 45.5 billion at the end of the 2010 financial year to 8238.1 billion at the end of the 2020 financial year.

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