NGX suspends trading in GTBank’s shares ahead of HoldCo listing

GTBank maintains dominance at Africa’s best brands awards 

The Nigerian Exchange (NGX) Limited last Friday placed full trading suspension on the shares of Guaranty Trust Bank(GTBank) Plc.

According to the NGX, the suspension was necessary to prevent trading in the shares of the bank in preparation for the eventual delisting of GTBank to pave way for the listing of the holding company(Holdco), Guaranty Trust Holding Company Plc on NGX.

Shareholders of the GTBank had ratified the plan to adopt a holdco structure and the Group Managing Director of the bank, Mr. Segun Agbaje, had told them the development would see a new corporate entity, Guaranty Trust Holding Plc, take the place of GTBank on the London and Nigerian stock Exchanges.

Read:  Stock market gains N10bn as 28 firms rise

He explained that change would entail a 1:1 share transfer while the holdco would serve as the parent company and corporate centre for GTBank Nigeria, all GTBank African subsidiaries and all other new businesses that will be created following the transition.

“Our transition into a holdco is a necessary step to future-proofing our leadership position, sustainably growing our earnings and achieving our long-term goal of be-coming 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,” Agbaje had said.

He noted that as a holdco, they will compete more effectively with non-banks in the new competitive landscape; pairing their strength in financial services with an aggressive focus on creating value in every aspect of their customers’ lives.

Read:  UBA’s Leo clocks 4, set to further transform digital banking in Nigeria, Africa

“We will create a new payments business to deliver the innovative solutions 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. Taken together, our entry into these new growth areas will allow us maximize our potential in a way that banks were restricted from and enhance the value we create as a platform for enriching lives,” he said.

Read:  Nigeria-Italy investment summit ‘ll expand export market for SMEs – Organisers

According to him, following a decade of birthing innovative ideas and nurturing them into businesses, the holdco structure would he bank to unleash the power within, in ways that allow us thrive in spaces banks were excluded, build out the full value of the innovations they have nurtured over the years and deepen they value we can create stakeholders.


Related posts

Stock Market Trades N5.57bn shares


Export company launches N10bn commercial paper


Union Bank Plc reports profit before tax of N30.2 billion in 2022.


Firstbank rewards customers in Visa Gold Cashback Campaign


Firm wins multiple awards


Notore posts N1.5bn profit in Q1


Leave a Comment