GTBank Rebirth As Guaranty Trust Holding Company With Closing Gong Ceremony On Nigerian Stock Exchange
The Guaranty Trust Bank has changed its Business Name to Guaranty Trust Holding Company [GTCO Plc] with its listing on the floor of the Nigerian Stock Exchange on Tuesday, July 13, 2021. It is also listed on the London Stock Exchange.
This follows the completion of all regulatory requirements for the corporate reorganization of the leading financial institution into a holding company structure.
In 1997, Guaranty Trust was listed on the Nigerian Stock Exchange. Close observation however shows that it won the ‘Nigerian Stock Exchange President’s Merit Award’ within months of its listing.
In the year 2007, Guaranty Trust became the first Nigerian bank to be listed on the London Stock Exchange, the first to dual list on an International Exchange. It is also the first Nigerian company to raise international capital through listed Global Depositary Receipts. Since then, Guaranty Trust has embarked on a decade of unparalleled growth with total assets and shareholders’ funds closing at ₦4.993trillion and ₦837.2billion respectively, at the end of Q1, 2021″.
In a Press Release made available to the press, the Financial Institution stated that as part of its long-term growth strategy, Guaranty Trust has now adopted a holding company structure wherein GTCO Plc will operate as the parent company of all Guaranty Trust banking businesses across Africa and the United Kingdom as well as other non-banking businesses which will be established following the transition.
In his statement, the Group Chief Executive Officer of Guaranty Trust, Mr. Segun Agbaje said: “These are very exciting times for us. Following our transition, we can now compete more effectively with non-banks in this new and evolving competitive landscape, whilst creating more value for customers and shareholders than we ever could as a bank”.
Agbaje stated further that: “Although we are delighted to have completed this rigorous transition process, we know that the hard work has just begun. We are in the final phase of building a new payments business that will deepen and extend digital financial services across Africa. We also believe that we are in a better position to drive an Asset Management business and a Pension Fund business, given our strong retail base and digital-first approach to financial services, which we have honed over the past decade”.
It could be recalled that Guaranty Trust was founded in 1990, The Financial Institution has maintained continuous year-on-year growth and a consistent lead in driving the technology and digitization of financial services in Africa.
Reports show that Guaranty Trust Bank is the best managed financial institution in Nigeria; leading the Banking industry across key financial indexes, such as Return on Equity (ROAE of 26.0% in Q1 2021), Return on Assets (ROAA of 4.3% in Q1 2021), and Cost to Income ratio (42.6% in Q1 2021).
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