The Managing Director/CEO, GTBank Plc, Segun Agbaje, has spoken about approval of the bank’s holding company structure, saying it is in line with the Central Bank of Nigeria’s (CBN’s) regulations.
The investors who endorsed the bank’s HoldCo structure also gave their approval to the company for the transfer of the 29,431,179,224 ordinary shares of 50 kobo each in the issued and paid-up share capital of the bank held by them to Guaranty Trust Holding Company Plc.
This was done in exchange for the allotment of 29,431,179,224 ordinary shares of 50 kobo each to the shareholders in the same proportion to their shareholding in the bank credited as fully paid without any further act or deed.
At the court-ordered meeting held in Lagos state, the shareholders of the bank expressed excitement over the benefits they would derive from the new structure.
Also expressing excitement, Agbaje said: “I am delighted over the approval by shareholders for the holding company and I assure the investors of a more rewarding future. The bank will not embark on any share reconstruction as the same number of shares they have with the bank will be maintained.
“Under the new structure, existing shareholders of GTBank would be migrated to Guaranty Trust Holdings via a share-for-share exchange between the shareholders of GTBank and GTHoldings.”
Agbaje added that the overall strategy was to create an operating model that would profitably grow the bank’s presence in the market for commercial banking and non-banking financial services to achieve the aspiration to be the dominant financial services group.
On his part, the President, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie said: “GTBank has over the years proven to be a force and leading initiator of revolutionary advancement and technology-based development in the nation’s banking industry and we look forward to the growth and advancement it is sure to bring into the new business areas it will be taking on with the Holdco structure”.
“The arrangement where all existing shares of the bank would be transferred entirely to the Holdco in the name of the beneficial owners is good, while the same number of units and percentage would be held in the new entity, is commendable,”