GTBank Gets CBN Approval-in-principle to operate as Holding company

Admin 05-Nov-2020 Business, Business

…Bank Announces Soyoye’s retirement

Guaranty Trust Bank Plc has announced that it has obtained an approval-in-principle from the Central bank of Nigeria (CBN) to operate as a financial holding company.

This disclosure was made by the Board of Guaranty Trust Bank Plc in a press release sent to the Nigerian Stock Exchange.

The press release partly reads,

“Guaranty Trust Bank plc (GTBank or the Bank) 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 reorganization 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 its shareholders pursuant to the Companies and Allied Matters Act (the Scheme).”

Under the Restructuring, it is proposed that the issued shares of the Bank will 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.

Subject to the approval of the Scheme by the Bank’s shareholders, the relevant regulatory authorities, and the Federal High Court of Nigeria; the holding company will have an organizational structure that is used by a significant number of major financial institutions globally

Meanwhile the bank has also announced the retirement of Mr. Babatunde Soyoye from the Board of Directors of the bank, having completed his tenure.

This disclosure was made by the Board of GTB in a press release that was sent to the floor of the Nigerian Stock exchange and signed by the Bank’s Secretary, Erhi Obebeduo.

According to the statement, Soyoye was appointed as an Independent Non-Executive Director in July 2016.

The Board was quoted as deeply appreciative of Mr. Soyoye for his value-adding contributions to the success of the Bank and wished him success in his future endeavors.

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