GTBank Shareholders Approve Planned Holdco Structure

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...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

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 -

The shareholders of Guarantee Trust Bank (GTBank) Plc have approved the holding company structure for the bank, as they expressed excitement over the benefits they would derive from the new structure.

At the Court ordered meeting held on Friday, the investors gave their approval to the company for the transfer of the 29,431,179,224 ordinary shares of 50 kobo each in the issued and paid-up share capital of the bank held by them to Guaranty Trust Holding Company Plc.

GTBank Holdco Brandspurng GTBank Shareholders Approve Planned Holdco Structure
L-R MD/CEO, GTbank, Segun Agbaje; Chairman, GTbank, Osaretin Demuren and Company Secretary, Erhi Obebeduo during the Court Ordered Meeting in Lagos. | www.brandspurng.com

This was done in exchange for the allotment of 29,431,179,224 ordinary shares of 50 kobo each to the shareholders in the same proportion to their shareholding in the bank credited as fully paid without any further act or deed.

Expressing his members’ excitement over the planned restructuring, the founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, explained that the shareholders are excited because the arrangement the bank has put in place is devoid of complexities usually known as share reconstruction.

- Advertisement -

According to him, the bank has performed well under the leadership of the Chairperson and the Managing Director and thus projected that the HoldCo would perform better if the duo is still in charge of the new brand.

He said,

“We are excited about the development because we are going to get value as everything we have would be transferred to the holding company. There will be no manipulation as a result of reconstruction that usually leads to fractional shares.”

Also commending the bank’s leadership and ingenuity, The President, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, noted that,

“GTBank has over the years proven to be a force and leading initiator of revolutionary advancement and technology-based development in the nation’s banking industry and we look forward to the growth and advancement it is sure to bring into the new business areas it will be taking on with the Holdco structure”.

“The arrangement where all existing shares of the bank would be transferred entirely to the Holdco in the name of the beneficial owners is good, while the same number of units and percentage would be held in the new entity, is commendable”, he added.

Read Also:  UNICEF Identifies CEO Comic Republic as One of Africa's Change Makers
- Advertisement -

Also speaking at the Court-Ordered Meeting, on Friday, Managing Director/CEO, GTBank Plc, Mr. Segun Agbaje, explained that in line with Central Bank of Nigeria (CBN)’s regulations, which require the separation of commercial banking business from other financial services businesses, the bank is adopting a HoldCo structure.

He said,

“I am delighted over the approval by shareholders for the holding company and I assure the investors of a more rewarding future. The bank will not embark on any share reconstruction as the same number of shares they have with the bank will be maintained.

“Under the new structure, existing shareholders of GTBank would be migrated to Guaranty Trust Holdings via a share-for-share exchange between the shareholders of GTBank and GTHoldings.”

While explaining the benefits of the HoldCo structure, Agbaje explained that the overall strategy was to create an operating model that would profitably grow the bank’s presence in the market for commercial banking and non-banking financial services in order to achieve the aspiration to be the dominant financial services group.

- Advertisement -
Read Also:  GTBank holds Football Development Camp for Students and Coaches

GTBank Releases Q3 2020 Unaudited Results, Reports Profit before Tax of ₦167.4 Billion

- Advertisement -
GTBank Shareholders Approve Planned Holdco Structure - Brand SpurGTBank Shareholders Approve Planned Holdco Structure - 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

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

GTBank Shareholders Approve Planned Holdco Structure - Brand SpurGTBank Shareholders Approve Planned Holdco Structure - Brand Spur

Latest News

Nigerian GDP better than thought

The World Bank recently published its Global Economic Prospects for January 2021, and we were surprised to find an...

Monetary & Interest Rate Policy in 2021: Going for growth

Monetary policy remained broadly accommodative in 2020. The monetary policy committee (MPC) during the year, voted to reduce the MPR twice; in its May...

CBN Releases Circular on the Issuance of the Framework for the Regulatory Sandbox Operations

The Central Bank of Nigeria (CBN) is committed to building a financial services sector that promotes stability, fosters innovation and deepen financial inclusion. In...

2021: A Year Of Effectiveness And Strategic Thinking To Transform Agri-Food Systems

The FAO Director-General QU Dongyu today held a meeting with all senior managers of the UN agency, including FAO representatives (FAORs) to about 130...

BAT announces succession for Director, Operations

Alan Davy, Director, Operations will step down from the Management Board on 31st January 2021 and will leave the British American Tobacco (BAT) Group...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -GTBank Shareholders Approve Planned Holdco Structure - Brand SpurGTBank Shareholders Approve Planned Holdco Structure - Brand Spur