Olusanya emerges GTBank’s first female MD
BY KENNETH EZE
GT Bank Plc, made history with its successful transition into aholding company(holdco) structure from its commercial banking structure andlisted its shares on the NigerianExchange Limited (NGX). By these actions, GT Bank Plc would now be referred toas Guaranty Trust Holding Company (GTCO) Plc to theinvesting community.
The Point gathered that the bank adopted a one-for-one share exchange ratio that would not reduce or impact its existing shareholding structure.
The bank said that the transition would help grow its earnings and achieve its long term goal of becoming one of the top five financial institutions in Africa.
The Group Chief Executive Officer, GTCO Plc, Segun Agbaje, during the closing gong ceremony to commemorate the listing of GTCO Plc on the NGX in Lagos, noted that the company was not oblivious of the current changes in the financial space.
He added that the transition as well as its listing were done to enhance growth share, value addition and achieve its long term goal of becoming one of the top five financial institutions in Africa.
Agbaje said the experience of trading on the NGX has been really good and noted that GTCO Plc is very excited about
the opportunities that have opened up with this restructuring, particularly because diversifying its income base has always been a major priority.
Earlier in his opening remark, the Chief Executive Officer, NGX, Temi Popoola, commended the board and management of GTCO Plc for its successful restructuring while adding that the NGX will continue to partner GTCO and other listed companies and issuers even as it continues to build a platform that allows listed companies, investors and other stakeholders to maximise value in the market.
In a related development, the GTCO appointed Miriam Olusanya as the managing director of Guaranty Trust Bank Limited.
The company also announced its new board of directors as well as changes to the board of its banking subsidiary, Guaranty Trust Bank Limited within the week.
The statement said, “The banking subsidiary, Guaranty Trust Bank Limited will be governed by a board of directors comprising, Mr Ibrahim Hassan as chairman of the board, Mrs Miriam Olusanya as managing director, Mr Jide Okuntola as deputy managing director, Mr Haruna Musa as executive director, Mr Olabode Agusto as independent non-executive director, Ms Imoni Akpofure and Mrs Victoria Adefala as independent non-executive directors.”
It further averred in the statement that, “Guaranty Trust Holding Company Plc would be governed by a board of directors comprising of Mr. SolaOyinlola as chairman of the board and Mr Segun Agbaje as the group chief executive officer,Mr. Adebanji Adeniyi as executive director, Mrs. Cathy Echeozo as non-executive director, Mr. Suleiman Barau and Mrs. Helen Bouygues as independent non-executive directors.
“All the appointments had been approved by the Central Bank of Nigeria and disclosed to the Securities and Exchange Commission and the Nigerian Exchange Group.”
The company stated that Guaranty Trust Bank Plc had completed its re-organisation to a holding company structure.
“Under the terms of there-organisation, a new operating company had been established and amendments made to the articles of incorporation for a corporate name change.
The corporate name of Guaranty Trust Holding Company Plc and GTCO Plc would be used by the newly established operating company,” is said.
On the completion of the corporate reorganisation, Agbaje said, “We believe that a holding company structure will allow us take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base.” Agbaje added that the new structure of the group would give it better advantage to compete and create value for its customers and shareholders.
The group disclosed that the listing followed the completion of all regulatory requirements for the corporate reorganisation into a holding company structure, and the listing of GTCO Plc, on the NGX and the London Stock Exchange, replacing Guaranty Trust Bank Plc.
