Nigerian Exchange Group delists GTBank Plc, lists shares of GTHoldco

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Guaranty Trust Holding Company Plc (GT HoldCo) has been listed by the Nigerian Exchange Group (NGX) following the NGX delisting of Guaranty Trust Bank Plc.

NGX delisted the entire 29,431,179,224 issued shares of GTB while GT Holdco’s entire issued share capital of 29,431,179,224 ordinary shares of 50 kobo each were listed on the bourse.

Trading in the shares of GTBank was suspended by the NGX last week in preparation for the delisting and listing of GTHoldCo pursuant to the Scheme of Arrangement between the bank and its shareholders.

Guaranty Trust Bank (GTBank) had in November 2020, notified NGX that it had obtained regulatory approval-in-principle (AIP) to restructure into a financial holding company (Holdco), which was approved later by the bank’s shareholders.

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Explaining the move, the Managing Director of GTBank, Mr. Segun Agbaje said the transition into a Holdco was a necessary step to future-proofing their leadership position, sustainably growing their earnings and achieving their long-term goal of becoming one of the top five financial institutions in Africa.

“It is also a critical part of our response to the seismic shifts in customer expectations and changes in business models. As a Holdco, we will compete more effectively with non-banks in the new competitive landscape, pairing our strength in financial services with an aggressive focus on creating value in every aspect of our customers’ lives,” he said.

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GTBank plans to diversify into payment service banking (PSB), asset management business and pension fund administration (PFA) devoid of any distractions to its core banking business.

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