CBN, SEC approve Agbaje, Olusanya to lead GTB Holding

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Nigerian financial services regulators have approved the reconstruction of the board and management of Guaranty Trust Bank (GTB) and its new parent holding company, Guaranty Trust Holding Company Plc, paving the way for Nigeria’s largest financial institution to complete its transition into a holding company structure.

The Central Bank of Nigeria (CBN), Securities and Exchange omission (SEC) and Nigerian Exchange (NGX) Limited approved the new governance structures for the bank and its parent company.

Guaranty Trust Holding Company (GTCO) Plc will be governed by a board of directors comprising, Mr. Sola Oyinlola as chairman of the board and Mr Segun Agbaje as the group chief executive officer, Mr Adebanji Adeniyi as executive director, Mrs Cathy Echeozo as non-executive director, Mr. Suleiman Barau and Mrs. Helen Bouygues as independent non-executive directors

The banking subsidiary, Guaranty Trust Bank Limited will be governed by a board of directors comprising, Mr Ibrahim Hassan as chairman of the board, Mrs Miriam Olusanya as managing director, Mr Jide Okuntola as deputy managing director, Mr Haruna Musa as executive director, Mr Olabode Agusto as independent non-executive director, Ms Imoni Akpofure and Mrs Victoria Adefala as independent non-executive directors.

Commenting on the completion of the corporate reorganization, Agbaje said the group believed that a holding company structure will allow it to 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 reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities,” Agbaje said.

According to him, whilst the group is evolving as an organization, it remains committed to its founding values which have endeared its brand to millions of people across Africa and beyond, and which continues to drive its financial success.

“As a proudly African and truly international band, we will continue to live by these values—of excellence, hard work and integrity, even as we create faster, cheaper, safer and more diverse products for ople and businesses of varied types and sizes,” Agbaje said.

Prior to its corporate reorganization 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 three 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 N238.1billion at the end of the 2020 financial year.

SOURCE: THE NATION

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