Guaranty Trust Holding Company PLC, Also Known As GTCO PLC, Is A Multinational Financial Services Group That Provides Retail And Investment Banking, Pension Management, Asset Management And Payment Services And Is Headquartered On Victoria Island, Lagos, Nigeria. GTCO Plc Was Established In July 2021 Following The Restructuring Of The Company Into A Holding Company By Guaranty Trust Bank PLC (or GTBank).
The Restructuring Of GTCO Plc Means That It Will Now Offer More Services Outside Of Banking; The Payment Business Is A Primary Consideration For The Group. Under Its Old Structure, It Could Not Have Operated A Non-lending Business Because Of A 2010 Regulation [by The Central Bank Of Nigeria (CBN) ] That Required Banks To Cease Operating Their Non-bank Subsidiaries. They Will Either Have To Divest From Non-core Lending Services Or Restructure Into A Holding Company.
Its New Businesses Include Payments, Pension Management, Asset Management And Existing Banking Operations. Guaranty Trust Bank Limited, GTCO's Nigerian Banking Subsidiary, Is The Most Valuable Bank In Nigeria With Its Latest Market Valuation Of 840.26 Billion Naira.
Originally Known As Guaranty Trust Banks, Guaranty Trust Holding Plc Was Founded In 1988 By More Than 35 Young Nigerians In Their Mid-30s, Spearheaded Mainly By Tayo Aderinokun And Fola Adeola But Also Including Femi Pedro, Gbolade Osibodu, Femi Akingbe, Akin Opeodu And Others.
History
Guaranty Trust Bank Plc Was Established In 1990 As A Limited Liability Company (LLC) Regulated By The Central Bank Of Nigeria To Provide Commercial And Other Banking Services To Nigerians. The Bank Began Operating As A Commercial Bank In 1991. The Bank Opened Its First Headquarters On February 11, 1991 At Adeyemo Alakija Plaza, Victoria Island, Lagos. In 1992, The Bank Opened Two Branches In Lagos (Ikeja And Broad Street) And Its First Inland Branch In Kano, As Well As A Port Harcourt Branch In 1993.
In September 1996, Guaranty Trust Bank Plc Became A Public Company And Received The Presidential Merit Award From The Nigerian Stock Exchange. The Bank Was Granted A Universal Banking License In February 2002 And Was Later Designated As A Settlement Bank By The Central Bank Of Nigeria (CBN) In 2003. In The Same Year, It Established Subsidiaries In Gambia And Sierra Leone.
Guaranty Trust Bank Conducted Its Second Equity Offering In 2004 And Raised Over £11 Billion From Nigerian Investors To Expand Its Operations.
On July 26, 2007, GTBank Became The First Sub-Saharan Bank And The First Nigerian Joint Stock Company To List On The London Stock Exchange And Deutsche Bo ̈ Rse. The IPO Raised $750 Million. In The Same Year, They Successfully Issued Nigeria's First Private Eurobond On International Capital Markets.
GTBank's $500,000,000 Eurobond Is The First Benchmark Eurobond Issued By A Nigerian Company And GTBank's Second Eurobond Program In The Past 5 Years.
Guaranty Trust Bank Plc's Long-term Debt Is Rated BB- By Standard & Poor And AA- By Fitch, The Highest Rating For A Nigerian Bank.
They Launched Online Banking And SMS Banking In Nigeria, As Well As MasterCard Priced In Naira, Along With Platinum And World Signia Cards, And Cards With GTB Wheeled Mobile Branches.
On March 12, 2008, GTBank Received A UK Banking License From The Financial Services Authority.
Guaranty Trust Bank Limited Is A Partner Of Eko Atlantic City, A New Island (820 Hectares) In The Atlantic Ocean Adjacent To Victoria Island In Lagos. It Will Be Home To The New Financial District. Construction Of Eko Atlantic City Began In 2009 And Is Expected To Be Completed In 2016.
To Mark The 20th Anniversary Of The Bank, The Nigerian Post Office Has Issued A Set Of GTBank Anniversary Stamps. This Is The First Time A Corporate Organisation In Nigeria Has Been Honoured In This Way.
In 2011, The Bank Became The Largest Bank In Nigeria By Market Capitalisation.
In 2013, The Bank Acquired A 70% Stake In Fina Bank Group For $100 Million In Cash. Shortly After, The Branches And Subsidiaries Of Fina Bank Were Renamed GT Bank.
In 2013, The Bank Issued $400 Million Eurobonds With A 6% Coupon; Nigerian Companies Received The Least In International Capital Markets. The Eurobonds Were Issued Under The $2,000,000 Global Medium-Term Note Program, Registered In The United States Under The Regulations And In The United Kingdom Under Rule 144A, And Sold To Investors In Africa, America, Asia And Europe.
The Bank Has More Than 10,000 Employees.
In May 2021, GT Bank Announced Changes To Its Corporate Structure, Transforming Into A Holding Company And Spinning Off Its Banking And Other Businesses Into Subsidiaries. Following A Court-mandated Shareholders' Meeting, Its Shareholders Approved The Proposed Changes On December 4, 2020.
Dispute
Main Entry: Innoson Group Vs GTBank Fraud
Innoson And GTB Have Long Been Embroiled In Court Battles Over Financial Contracts. On March 29, 2019, The Supreme Court Ordered GT Bank To Pay £8.80 Billion In Accrued Interest To Innoson Motors.
In An Exclusive Report, The People's Gazette Revealed Through Bank Records How GTCO Donated £200 Million To Vice President Yemi Osinbajo's Campaign Account Through Its Subsidiary, Investment One, In Violation Of Federal Campaign Finance Laws. The Payment Was Made In Three Instalments Of £100 Million, £50 Million And £50 Million. Election Law Allows For A Maximum Contribution Of £1 Million Per Candidate In A Presidential Campaign.
Leadership
- Ibrahim Hassan As Chairperson; Segun Agbaje Is The Group CEO. Other Boards Include: Kathleen Echeozo, Suleiman Barao, Helen Lee Buygs And Adbangi Adeniyi. In 2021, Miriam Olusanya Was Appointed As The First Female Managing Director Of GTBank Nigeria, GTCO Plc's Flagship Company
Subsidiary
Guaranty Trust Holding Company Plc Has 11 Banking Subsidiaries, Including Payments, Asset Management And Pension Management Subsidiaries.
GTCO PLC Has Subsidiaries In The Following Countries:
- GTBank Nigeria - Lagos, Nigeria
- HabariPay - Lagos, Nigeria
- GT Pensions - Lagos, Nigeria
- GT Fund Managers - Lagos, Nigeria
- GTBank Kenya - Nairobi, Kenya
- GTBank Rwanda - Kigali, Rwanda
- GTBank Uganda - Kampala, Uganda
- GTBank Côte D'Ivoire - Abidjan , Ivory Coast
- GTBank Gambia - Banjul, Gambia
- GTBank Ghana - Accra, Ghana
- GTBank Liberia - Monrovia, Liberia
- GTBank Sierra Leone - Freetown, Sierra Leone
- GTBank UK - London, England, United Kingdom
- GTBank Tanzania - Dar Es Salaam, Tanzania
Corporate Social Responsibility
Guaranty Trust Bank Has A Long History Of Corporate Social Responsibility Projects Has A History And Is Often Recognized For Its Efforts In Corporate Social Responsibility
Its Annual Autism Conference Has Been Held For Eleven Years And Is Dedicated To Reducing The Stigma Associated With Autism. The Event Also Provides Autistic People With Free Speech And Behavioral Counseling With Medical Experts.
In Education And Sports, Guaranty Trust Bank Also Hosts The Masters Cup, One Of The Most Popular Grassroots Football Tournaments In The Country. In 2021, The Bank Celebrates Children's Day Where Young Children Meet With Mabel Segun, An Iconic Nigerian Poet And Playwright.
The Guaranty Trust Bank Plc Branch In Kaduna State, Nigeria
The Bank Has Other Corporate Social Responsibility Efforts In Improving Healthcare Delivery And Has Hosted The GTBank Food And Drink Festival And GTBank Fashion Week, Two Of The Most Popular Popular Popular Cultural Activities In Nigeria.
Awards And Honours
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 Named The Best Bank In Nigeria For The Ninth Time.
In 2020, Guaranty Trust Bank Was Awarded The Euromoney Award For Excellence In Leadership In Africa And Was Named The Best Bank In Nigeria By Euromoney In 2020 And The Best Bank In Africa By The Same Publication In 2021.
Guaranty Trust Bank Has Also Been Recognized By Research And Rating Agency Agusto & Co. Named Best Digital Bank In Nigeria, The Bank Is Also The Most Admired Financial Brand In Nigeria And Africa In 2020.
In 2021, Guaranty Trust Bank Was Named Best Banking Group In Nigeria, Best Retail Bank In Nigeria And Most Innovative Bank In Nigeria By The World Financial Bank Awards. The World Business Outlook Awarded Guaranty Trust Bank The Best Digital Bank Award As Well As The Best Mobile Banking App. In 2022, GTBank Also Received The Most Admired Brand In Africa Award
