GTBank Obtains Approval-In-Principle from CBN and SEC to Restructure to a Financial Hold Company

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

Ibadan-Born Billionaire, Harry Akande is dead

Harry Ayoade Akande has died at the age of 77. He died on Saturday morning of an undisclosed ‘brief...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -
Lagos, Nigeria – November 4, 2020
Guaranty Trust Bank Plc (GTBank) is pleased to announce that it has obtained the approval-in-principle of the Central Bank of Nigeria (the CBN) to commence the formal process of the reorganisation of the Bank to a financial holding company (the Restructuring), which will be implemented by means of a scheme of arrangement between the Bank and .ts shareholders pursuant to the Companies and Allied Matters Act.

GTBank has also obtained the “No-objection” of the Securities & Exchange Commission (the SEC) in connection with the proposed Scheme.

GTBank Obtains CBN approval to restructure into holding company
CEO, Guaranty Trust Bank, Segun Agbaje

Overview of the Restructuring

Under the Restructuring, it is proposed that the issued shares in the Bank be exchanged on a one-for-one basis for the shares in a financial holding company. The Bank’s existing Global Depositary Receipts (GDRs) are also proposed to be exchanged on a one-for-one basis for new GDRs to be issued by the financial holding company.

The Board of Directors of GTBank made the decision to embark on the Restructuring following a comprehensive strategic evaluation of the operating and competitive environment of the Nigerian banking sector in the near term. The Board expects that the financial holding company will have greater strategic flexibility to adapt to future business opportunities as well as market and regulatory changes than is currently the case.

- Advertisement -
GTBank Obtains Approval-In-Principle from CBN and SEC to Restructure to a Financial Hold Company - Brand SpurGTBank Obtains Approval-In-Principle from CBN and SEC to Restructure to a Financial Hold Company - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  Tez Financial Services And Green Girls Organization Selected As Winners Of Visa Everywhere Initiative: Women’s Global Edition After Worldwide Search

This site uses Akismet to reduce spam. Learn how your comment data is processed.

GTBank Obtains Approval-In-Principle from CBN and SEC to Restructure to a Financial Hold Company - Brand SpurGTBank Obtains Approval-In-Principle from CBN and SEC to Restructure to a Financial Hold Company - Brand Spur

Latest News

Ibadan-Born Billionaire, Harry Akande is dead

Harry Ayoade Akande has died at the age of 77. He died on Saturday morning of an undisclosed ‘brief...

NSE ASI Revs by 0.72% on Insurance, Oil/Gas Stocks

In line with our expectations, investors in the equities market remained bullish, especially on insurance and oil & gas stocks. Hence, the All-Share Index...

Red Hat Releases 2021 Global Tech Outlook Survey

For the fifth consecutive year, Red Hat has released its annual Global Tech Outlook. This survey of IT leaders covers the top IT challenges and funding...

Net Inflow Worth N281.10 billion via OMO Create Liquidity Ease.

In the just concluded week, CBN refinanced only N60 billion of the N341.10 billion treasury bills which matured via the Open Market Operation (OMO)....

Naira Gains against the USD at BDC, Black Markets amid New Forex Policy…

In the just concluded week, Naira gained against the USD at the Bureau De Change (BDC) and parallel (“black”) markets by 4.12% and 4.04%...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -GTBank Obtains Approval-In-Principle from CBN and SEC to Restructure to a Financial Hold Company - Brand SpurGTBank Obtains Approval-In-Principle from CBN and SEC to Restructure to a Financial Hold Company - Brand Spur