London Stock Exchange welcomes Guaranty Trust Holding Company GDRs to its markets
Guaranty Trust Bank’s GDRs have been listed on London Stock Exchange for 14 years and we are delighted that this will continue through the listing of the GDRs in London for the newly created Guaranty Trust Holding Company Plc (“GTCO Plc”). This follows the completion of all regulatory requirements for the corporate reorganization of Guaranty Trust Bank Plc to a holding company structure with GTCO Plc as the parent company of all Guaranty Trust banking businesses across Africa and the United Kingdom as well as other non-banking businesses which will be created following the transition.
Founded in 1990, Guaranty Trust has maintained an unbroken streak of year-on-year growth and a consistent lead in driving the digitization of financial services in Africa. Headquartered in Lagos, Nigeria it serves over 24 million customers and currently employs over 12,000 professionals across 11 countries. In 2007, Guaranty Trust became the first Nigerian bank to list on London Stock Exchange, the first to dual list on an international exchange and the first Nigerian company to raise international capital using listed Global Depositary Receipts. Since then, Guaranty Trust has embarked on a decade of unparalleled growth thanks to its strong service culture, efficient management, world class corporate governance standards and bias for innovation.
As part of its long-term growth strategy, Guaranty Trust has now adopted a holding company structure wherein the organization will operate a corporate centre responsible for setting strategic direction, providing group-wide oversight and aligning corporate governance and management roles for all its banking and non-banking businesses. This structure will enable Guaranty Trust to enter new growth areas whilst consolidating on its existing strengths in banking, thereby creating multiple income streams and increasing overall shareholder value.
Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust, commented: “These are very exciting times for us. Following our transition, we can now compete more effectively with non-banks in this new and evolving competitive landscape, whilst creating more value for customers and shareholders than we ever could as a bank.
Although we are delighted to have completed this rigorous transition process, we know that the hard work has just begun. We are in the final phase of building a new payments business that will deepen and extend digital financial services across Africa. We also believe that we are in a better position to drive an Asset Management business and a Pension Fund business, given our strong retail base and digital-first approach to financial services, which we have honed over the past decade.”