Guaranty Trust Bank Plc has completed its re-organisation to a holding company structure with the aim of strengthening its long-term competitiveness and growth prospects.
Under the terms of the re-organisation, a new operating company has been established and amendments made to the articles of incorporation for a corporate name change. The corporate name of Guaranty Trust Holding Company Plc and GTCO Plc will be used by the newly established operating company.
In a release on Wednesday, the newly established Guaranty Trust Holding Company Plc announced its new board of directors as well as changes to the board of its banking subsidiary, Guaranty Trust Bank Limited.
It said all the appointments have been approved by the Central Bank of Nigeria and disclosed to the Securities and Exchange Commission and the Nigerian Exchange Group.
Guaranty Trust Holding Company Plc (“GTCO Plc”) will be governed by a board of directors comprising, Sola Oyinlola as chairman of the board and Segun Agbaje as the group chief executive officer, Adebanji Adeniyi as executive director, Cathy Echeozo as non-executive director, Suleiman Barau and Helen Bouygues as independent non-executive directors.
It said the Guaranty Trust Bank Limited will be governed by a board of directors comprising Ibrahim Hassan as chairman of the board, Miriam Olusanya as managing director, Jide Okuntola as deputy managing director, Haruna Musa as executive director, Olabode Agusto as independent non-executive director, Imoni Akpofure and Victoria Adefala as independent non-executive directors.
Commenting on the completion of the corporate reorganisation, Mr Agbaje 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 reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities.”
He further stated that, “Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continues to drive our 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 people and businesses of varied types and sizes.”