Corporate re-organisation: We’re engaging with CBN, NGX – GT Bank

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Amidst anxiety over rumoured board and management rift in Guaranty Trust Bank PLC over its impending succession process, the management yesterday confirmed it had fully concluded the process that involved all of the bank’s Executive Directors.

This was as it recalled that during the Guaranty Trust Bank Plc Half Year 2020 Investors/Analysts Call held on September 7, 2020, Mr Segun Agbaje, the outgoing Managing Director and Chief Executive Officer of the bank had confirmed the commencement of the succession process.

 According to the statement, “At the Full Year 2020 Investors/Analysts Call held on March 22, 2021, Mr Agbaje had also provided an update on the succession process for Guaranty Trust Bank Nigeria and confirmed it had been completed.

He further confirmed the ongoing Corporate Reorganisation has been ratified by shareholders at the Court-Ordered Meeting of the holders of the fully paid ordinary shares, held on December 4, 2020,  noting that in order to maintain optimum operational efficiency, there will be a Holding Company Board of Directors made up of seven (7) members and a Bank Board of Directors with eight (8) members.

The statement informed that the members of Boards of Directors will be announced along with all other details of ongoing corporate reorganisation as soon as all regulatory approvals have been obtained. “We remain committed to providing best-in-class customer experience to all our valued customers and consistent high-quality returns to all our esteemed shareholders.” the managment said

Meanwhile, the bank has said it is still engaging with the Central Bank of Nigeria (CBN) and Nigerian Exchange Group (NGX) on the new way forward for the bank.

According to a filing obtained from the NGX’s website, the bank has expressed concern over some news items in the media space about imminent changes on the Board and Management of the bank. It explained that as an organisation listed on the NGX and regulated by the CBN, there are processes that should guide board changes or channels of communication on such changes as required by regulation.

“The Board of the bank has approved certain changes in its constitution and is presently engaging its primary regulators on same and would formally communicate upon the conclusion of all required regulatory engagements.”

Source: THE SUN

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