Guaranty Trust Holding Company PLC

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Guaranty Trust Holding Company plc
TypePublic limited company
LSE: GRTB
ISINUS40124Q2084
IndustryFinance
Founded17 January 1990
Headquarters
635 Akin Adesola Street, Victoria Island, Lagos, Lagos State, Nigeria
Area served
Cote d'Ivoire, Kenya, Liberia, Gambia, Ghana, Nigeria, Rwanda, Tanzania, Uganda, United Kingdom
Key people
, (Chairman) Segun Agbaje, (Group CEO)
ProductsRetail banking
Commercial banking
Corporate banking
ServicesBanking, Payments, pension management, asset management
RevenueIncrease ₦ 455.23 billion (2020)
Increase ₦ 210.8 billion (2014)
Increase ₦ 98.7 billion (2014)
Total assetsIncrease ₦ 3.16 Trillion (2016)
Total equityIncrease ₦ 374.3 billion (2014)
Number of employees
10,000+ (2014)
Websitewww.gtbank.com

Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company [1]

GTCO Plc's reorganisation means it will now offer more services beyond banking; with a payments business being top of mind for the group. [2] Under its old structure, it could not have run non-lending businesses because a 2010 regulation [3] by the Central Bank of Nigeria (CBN) mandated banks to stop operating their non-banking subsidiaries. They either had to divest from non-core lending service or restructure as a holdings company.

Its new businesses include payments, pension management, asset management, and its existing banking business. GTCO's banking subsidiary in Nigeria, Guaranty Trust Bank Limited is Nigeria’s most valuable bank by market value with its most recent market valuation [4]at N840.26 billion.

Guaranty Trust Holding Plc original started as Guaranty Trust Banks and it was founded in 1988 by over 35 young Nigerians in their thirties, spearheaded mostly by Tayo Aderinokun and Fola Adeola, but also included Femi Pedro, Gbolade Osibodu, Femi Akingbe, Akin Opeodu and others.[5]

History[]

Guaranty Trust Bank Plc was incorporated 1990 as a limited liability company licensed By Central Bank of Nigeria to provide commercial and other banking services to the Nigerian public . In 1991 the bank commenced operations as commercial bank. On February 11, 1991, the Bank commenced operations at its first Head Office located at The Plaza, Adeyemo Alakija, Victoria Island, Lagos, and in 1992, the Bank opened two branches in Lagos (Ikeja and Broad Street) and its first upcountry branch in Kano, while Port-Harcourt branch launched out in 1993.

Guaranty Trust Bank plc became a publicly quoted company In September 1996, and won the Nigerian Stock Exchange President's Merit award. In February 2002, the Bank was granted a universal banking license and later appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003.[6]

In the same year, it established subsidiaries in Gambia and Sierra Leone.[7]

Guaranty Trust Bank undertook its second share offering in 2004 and raised over N11 billion from Nigerian Investors to expand its operations.

On 26 July 2007, GTBank became the very first subsaharan bank and first Nigerian joint stock company to be listed on London Stock Exchange and Deutsche Börse. The IPO raised US$750,000,000.[8] In the same year, they successfully placed Nigeria's first private Eurobond issue on the international capital markets.[9]

The GTBank USD 500,000,000 Eurobond was the first ever Benchmark Eurobond issue by a Nigerian corporate and the second Eurobond programme by GTBank in the last 5 years.[10]

The long-term debts of Guaranty Trust Bank plc are rated BB- by Standard & Poor's and AA- by Fitch Ratings, which are the highest ratings for a Nigerian bank.[11][12]

They introduced online banking and SMS banking in Nigeria and a naira denominated MasterCard as well as the Platinum and World Signia cards and with GTB-on-wheels, mobile branches.

On 12 March 2008, GTBank was given a banking licence for the United Kingdom by the Financial Services Authority.[13]

Guaranty Trust Bank Limited is a partner of Eko Atlantic City, a newly made island (820 ha.) in the Atlantic ocean, adjacent to Victoria Island Lagos. It will be the home of the new Financial District. The building of Eko Atlantic City started in 2009 and is expected to be finished in 2016.[14]

To commemorate the bank's 20th anniversary, the Nigerian Postal Service issued a set of GTBank Anniversary postage stamps. This was the first time in Nigeria that a corporate organization was honored in such a way.[15]

Gtbank, Maryland branch, Lagos

In 2011, the bank became the biggest bank in Nigeria by market capitalisation.[16]

In 2013, the bank acquired 70 percent shareholding in the Fina Bank Group for a cash payment of US$100 million.[17] Fina Bank branches and subsidiaries were rebranded GT Bank soon afterwards.

In 2013, the Bank issued a US$400,000,000 Euro bond at a coupon rate of 6%; the least obtained by a Nigerian company in the international capital market. The Eurobond was issued under the US$2,000,000 Global Medium Term Note Programme, which is registered under both Regulation in the United States of America and Rule 144A in the United Kingdom and sold to investors across Africa, America, Asia and Europe.[18]

The Bank has over 10,000 employees.[19]

On 29 March 2019, the Supreme Court asked GT bank to pay Innoson motors the sum of ₦8.7 billion debt.[20]

In May 2021, GT Bank announced a [21]change in its corporate structure, moving to a holding company and spinning off its banking and other businesses into subsidiaries. The proposed change was [22]ratified by its shareholders on December 4, 2020 after a court mandated shareholders meeting.

Leadership[]

  • is chairman; Segun Agbaje is Group Chief Executive Officer. The other board of directors are Catherine Echeozo, Suleiman Barau, Helen Lee Bouygues, and Adebanji Adeniyi. [23]

Branches and Subsidiaries[]

Guaranty Trust Holding Company Plc has 11 banking subsidiaries with plans to launch payments, asset management and pension management subsidiaries.

GTCO PLC has subsidiaries in the following countries:

  1. - Lagos, Nigeria Nigeria
  2. GTBank Kenya - Nairobi, Kenya Kenya
  3. GTBank Rwanda - Kigali, Rwanda Rwanda
  4. GTBank Uganda - Kampala, Uganda Uganda
  5. GTBank Côte d'Ivoire - Abidjan, Ivory Coast Ivory Coast
  6. GTBank Gambia - Banjul, Gambia The Gambia
  7. GTBank Ghana - Accra, Ghana Ghana
  8. GTBank Liberia - Monrovia, Liberia Liberia
  9. GTBank Sierra Leone - Freetown, Sierra Leone Sierra Leone
  10. GTBank UK - London, England, United Kingdom United Kingdom
  11. GTBank Tanzania - Dar es Salaam, Tanzania Tanzania

Corporate Social Responsibility[]

Guaranty Trust Bank has a long history of corporate social responsibility projects,[24] often gaining recognition [25] for its CSR efforts.

Its Annual Autism Conference, which it has held for eleven years,[26] works to reduce the stigma associated with autism. The event also provides free speech and behavioural consultations with medical experts for people living with autism.

In education and sports, Guaranty Trust Bank also hosts the Masters Cup,[27] one of the most popular grassroots football tournaments in the country. In 2021, the Bank celebrated Children's day with a meeting between young children and Mabel Segun,[28] the iconic Nigerian poet and playwright.

Guaranty Trust Bank Plc branch in Kaduna State, Nigeria

The bank has other CSR efforts in improving access to healthcare,[29] and it hosts the GTBank Bank Food and Drink Festival [30] and the GTBank Fashion Week,[31] two of the most popular pop culture events in Nigeria.


Awards and recognition[]

In July 2019, GTBank was recognized as the best bank in Africa at the annual Euromoney Awards for Excellence held in London. In the same year, it was adjudged the best bank in Nigeria for the ninth time.[32]

In 2020, Guaranty Trust Bank was awarded the Euromoney Excellence in Leadership Africa Award and was also named the Best Bank in Nigeria by Euromoney [33] in 2020 and Africa's best Bank by the same publication in 2021.[34]

Guaranty Trust Bank was also named the Best Digital Bank in Nigeria by the research and credit rating agency, Agusto & Co.[35] The bank was also the most admired finance brand in Nigeria and Africa in 2020.

In 2021, Guaranty Trust Bank was named the Best Banking Group, the Best Retail Bank in Nigeria and the Most Innovative Bank in Nigeria by the World Finance Banking Awards. The World Business Outlook awarded Guaranty Trust Bank the Best Digital Bank as well as an award for the Best Mobile Banking app.

References[]

  1. ^ https://www.proshareng.com/news/STOCK%20&%20ANALYST%20UPDATES/Guaranty-Trust-Holding-Company-Completes-Corporate-Re-organization/58170
  2. ^ https://techcabal.com/2020/03/26/one-of-nigerias-biggest-banks-gtbank-is-restructuring-to-take-on-the-fintech-industry/
  3. ^ https://www.cbn.gov.ng/OUT/2010/CIRCULARS/BSD/CBN%20REGULATION%20ON%20%20NEW%20BANKING%20MODEL%20%20CLEAN%20091110%20FINAL.PDF
  4. ^ https://nairametrics.com/2021/06/26/top-7-banks-in-nigeria-by-market-valuation/
  5. ^ "THEY DARED, THEY DID: THE STORY OF YOUNGSTERS THAT FOUNDED GTB". JarusHub - Nigeria's No. 1 Career Website. 10 October 2016. Retrieved 18 January 2018.
  6. ^ "History - Guaranty Trust Bank Plc". www.gtbank.com. Retrieved 17 August 2017.
  7. ^ https://www.bis.org/publ/bppdf/bispap76h.pdf
  8. ^ forbes.com: „Nigeria's Guaranty Trust Bank to raise 750 mln usd from London listing“ (11 September 2007)
  9. ^ clickafrique.com: GTBank completes Nigeria's first private EuroBond Issue.
  10. ^ thisdaylive.com: GTBank’s US$500 million Eurobond Oversubscribed Archived 2 January 2014 at the Wayback Machine
  11. ^ Ahmed, Idris (6 January 2012). "Nigeria: S&P Rates Firstbank, Zenith, GTB Positive". Daily Trust (Abuja). Retrieved 17 August 2017.
  12. ^ Egwuatu, Peter (16 April 2009). "Nigeria: GTBank Gets AA Minus By Fitch". Vanguard (Lagos). Retrieved 17 August 2017.
  13. ^ allafrica.com: „GTBank to Commence Operations in UK“
  14. ^ "ekoatlantic.com". Archived from the original on 4 June 2010. Retrieved 7 June 2010.
  15. ^ nigeriacommunicationsweek.com.ng: NIPOST Launches Stamps to Mark GTBank 20th Anniversary
  16. ^ thisdaylive.com: GTBank Leads Banking Stocks in Market Capitalisation Archived 2 January 2014 at the Wayback Machine
  17. ^ "Regulator Approves Plan By Nigerian Bank To Buy 70 Percent Fina Stake". Daily Nation Mobile (Nairobi). 29 December 2013. Retrieved 7 June 2015.
  18. ^ "History - Guaranty Trust Bank Plc". www.gtbank.com. Retrieved 17 August 2017.
  19. ^ "About GTBank - Guaranty Trust Bank Plc". www.gtbank.com. Retrieved 17 August 2017.
  20. ^ "Innoson Motors secures court order against GT bank over controversial debt". Premium Times Nigeria.
  21. ^ "NGX Suspends Trading in GTBank's Shares Ahead of HoldCo Listing". This Day Nigeria.
  22. ^ "GT Bank Gets Approval Of Shareholders On Planned HoldCo Structure". Proshare Nigeria.
  23. ^ https://www.gtcoplc.com/who-we-are/our-people
  24. ^ https://www.proshareng.com/news/Products%20&%20Services/The-Case-Against-Nigeria-s-Big-Philanthropy-Industrial-Complex--NBPIC-/51268
  25. ^ https://www.proshareng.com/news/Products%20&%20Services/The-Case-Against-Nigeria-s-Big-Philanthropy-Industrial-Complex--NBPIC-/51268
  26. ^ https://www.thisdaylive.com/index.php/2021/07/26/guaranty-trust-to-hold-annual-autism-conference-august/
  27. ^ https://guardian.ng/sport/eko-boys-anwar-college-greenspring-lead-forte-qualify-for-gtbank-masters-cup-finals/
  28. ^ https://thenationonlineng.net/segun-fetes-children-with-literature/
  29. ^ https://guardian.ng/features/gtbank-launches-beta-health-expands-access-to-health-insurance-for-low-income-nigerians/
  30. ^ https://guardian.ng/news/gtbank-food-and-drink-festival-kicks-off-tomorrow/
  31. ^ https://www.premiumtimesng.com/entertainment/naija-fashion/361925-photos-street-fashion-on-display-at-2019-gtbank-fashion-week.html
  32. ^ "GT Bank named best bank in Africa at Euromoney Awards". www.myjoyonline.com. Retrieved 16 July 2019.
  33. ^ https://www.africanews.com/2020/08/04/a-decade-in-peerless-excellence/
  34. ^ https://www.euromoney.com/article/28nd2ur74bywve796rf9d/awards/awards-for-excellence/africas-best-bank-2021-guaranty-trust-bank
  35. ^ https://www.blueprint.ng/gtbank-displaces-zenith-as-best-digital-bank/

21. Bestmarket- Nigeria Guaranty Trust Bank Plc transfer code: Retrieved 2020

External links[]

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