Guaranty Trust Bank earlier today in a publication on the Nigerian Exchange announced that it has completed its re-organisation to a Holding Company Structure.
Under the terms of the re-organization, 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.
As 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), Mr. Bolaji Lawal (Executive Director).
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The new GTCO’s Board will comprise of;
- 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
- Mr. Adebanji Adeniyi as Executive Director
GTCO also announced its new Board of Directors as well as changes to the Board of its banking subsidiary, all of whom have been approved by the Central Bank of Nigeria.
The GTBank Board will comprise;
- Mr. Ibrahim Hassan as Chairman
- Mrs. Miriam Olusanya as Managing Director
- Mr. Olabode Augusto as Non-Executive Director
- Mrs. Imoni Akpofure 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 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 was widely regarded as the best managed financial institution in Nigeria and has over the past decade, embarked on a period of unparalleled growth.
It has grown its customer base from less than 3 million customers in 2011 to over 24 million customers in 2020, and profit before tax from N45.5 billion at the end of the 2010 financial year to N238.1 billion at the end of the 2020 financial year.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur