This means that GT Bank Plc will now be referred to as
Guaranty Trust Holding Company (GTCO) Plc to the investing community.
Furthermore, the bank will adopt a one-for-one share
exchange ratio that will not reduce or impact its shareholding structure of the
bank.
This transition, according to GTCO will sustainably grow its
earnings and achieve its long term goal of becoming one of the top five
financial institutions in Africa.
Speaking to newsmen during the closing ceremony to commemorate the listing of GTCO Plc on the NGX in Lagos yesterday, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said the group was excited about the opportunities the new structure the holding company has opened up, saying it would be turned into better value for all stakeholders.
Agbaje stated this at the Nigerian Exchange (NGX) Limited,
during the closing gong ceremony to commemorate the listing of the GTCO shares
on the exchange.
Following the restructuring of GTBank into a holding
company, entire issued share capital of 29,431,179,224 ordinary shares of 50
kobo each of GTCO were listed on the NGX on June 28, 2021.
Agbaje said: “At GTCO, we are very excited about the
opportunities that have opened up to us with this restructuring, particularly
because diversifying our income base has always been a major priority. As we
venture into this new phase, we look forward to leveraging technology and
introducing new business lines – including payments, asset management and more
– that go beyond the needs of institutional or wholesale clients to improve
retail clients’ access to the financial markets.”
According to him, following the transition, they could now
compete more effectively with non-banks in this new and evolving competitive
landscape, whilst creating more value for customers and shareholders than they
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,” he said.
In his speech, the CEO of NGX, Mr. Temi Popoola, said they
were excited to welcome GTCO Plc and to congratulate the board and management
on a successful restructuring.
“Given the recent completion of demutualisation of the
exchange and the emergence of our new structure, we see many similarities
between our organisations, particularly our outlook on the use of technology to
advance business operations; the burgeoning opportunities in the retail market;
and the importance of good governance in the corporate space.
“Today, we reiterate our commitment to being a trusted partner
to GTCO and other listed companies and issuers as we continue to build a
platform that allows our listed companies, investors and other stakeholders to
maximise value in our market,” Popoola said.
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