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Guaranty Trust Holding Company PLC also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company Gtbank Net Worth is estimated to be around ₦5.017trillion.
Gtbank Net Worth
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Gtbank Net Worth
GTCO Plc’s reorganisation means it will now offer more services beyond banking; with a payments business being top of mind for the group. Under its old structure, it could not have run non-lending businesses because a 2010 regulation by the Central Bank of Nigeria (CBN) mandated banks to stop operating their non-banking subsidiaries. They either had to divest from non-core lending service or restructure as a holdings company.
Its new businesses include payments, pension management, asset management, and its existing banking business. GTCO’s banking subsidiary in Nigeria, Guaranty Trust Bank Limited is Nigeria’s most valuable bank by market value with its most recent market valuation at N840.26 billion.
Guaranty Trust Holding Plc original started as Guaranty Trust Banks and it was founded in 1988 by over 35 young Nigerians in their thirties, spearheaded mostly by Tayo Aderinokun and Fola Adeola, but also included Femi Pedro, Gbolade Osibodu, Femi Akingbe, Akin Opeodu and others – Gtbank Net Worth
History
Gtbank Net Worth
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 operations as a commercial bank in 1991. The Bank inaugurated its first Head Office on February 11, 1991, at The Plaza, Adeyemo Alakija, Victoria Island, Lagos. In 1992, the Bank opened two branches in Lagos (Ikeja and Broad Street), as well as its first upcountry branch in Kano, and a Port-Harcourt branch in 1993. –Gtbank Net Worth
In September 1996, Guaranty Trust Bank plc became a publicly traded corporation and received the President’s Merit Award from the Nigerian Stock Exchange. The Bank received 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 incorporated subsidiaries in Gambia and Sierra Leone.
Guaranty Trust Bank undertook its second share offering in 2004 and raised over N11 billion from Nigerian Investors to expand its operations.
On 26 July 2007, GTBank became the very first Subsaharan bank and first Nigerian joint stock company to be listed on London Stock Exchange and Deutsche Börse. The IPO raised US$750,000,000.
In the same year, they successfully placed Nigeria’s first private Eurobond issue on the international capital markets.
The GTBank USD 500,000,000 Eurobond was the first-ever Benchmark Eurobond issue by a Nigerian corporate and the second Eurobond programme by GTBank in the last 5 years.
The long-term debts of Guaranty Trust Bank plc are rated BB- by Standard & Poor’s and AA- by Fitch Ratings, which are the highest ratings for a Nigerian bank.
They introduced online banking and SMS banking in Nigeria and a naira denominated MasterCard as well as the Platinum and World Signia cards and with GTB-on-wheels, mobile branches. – Gtbank Net Worth
On 12 March 2008, GTBank was given a banking licence for the United Kingdom by the Financial Services Authority.
Guaranty Trust Bank Limited is a partner of Eko Atlantic City, a newly made island (820 ha.) in the Atlantic ocean, adjacent to Victoria Island Lagos. It will be the home of the new Financial District. The building of Eko Atlantic City started in 2009 and is expected to be finished in 2016.
To commemorate the bank’s 20th anniversary, the Nigerian Postal Service issued a set of GTBank Anniversary postage stamps. This was the first time in Nigeria that a corporate organization was honored in such a way
In 2011, the bank became the biggest bank in Nigeria by market capitalisation.
In 2013, the bank acquired 70 percent shareholding in the Fina Bank Group for a cash payment of US$100 million. Fina Bank branches and subsidiaries were rebranded GT Bank soon afterwards.
In 2013, the Bank issued a US$400,000,000 Euro bond at a coupon rate of 6%; the least obtained by a Nigerian company in the international capital market. The Eurobond was issued under the US$2,000,000 Global Medium Term Note Programme, which is registered under both Regulation in the United States of America and Rule 144A in the United Kingdom and sold to investors across Africa, America, Asia and Europe. – Gtbank Net Worth
The Bank has over 20,000 employees.
Gtbank Net Worth
In May 2021, GT Bank announced a change in its corporate structure, moving to a holding company and spinning off its banking and other businesses into subsidiaries. The proposed change was ratified by its shareholders on December 4, 2020 after a court mandated shareholders meeting. – Gtbank Net Worth
Controversy
Innoson and GTB have been embroiled in court battles for a long time over a financial contract. On 29 March 2019, the Supreme Court ordered GT Bank to pay Innoson motors the sum of ₦8.8 billion as a result of an accrued interest.
In an exclusive report, Peoples Gazette, through bank records, disclosed how GTCO, through its subsidiary Investment One, donated the sum of N200 million to the campaign account of Vice President Yemi Osinbajo, in violation of the federal campaign finance law. The payment was made in three tranches of N100 million, N50 million, and N50 million. The electoral act permits a maximum donation of N1 million per candidate in a presidential race. – Gtbank Net Worth
Leadership
- Hezekiah Oyinlola is chairman; Segun Agbaje is Group Chief Executive Officer. The other board of directors include; Catherine Echeozo, Suleiman Barau, Helen Lee Bouygues, and Adebanji Adeniyi – Gtbank Net Worth
Corporate social responsibility
Guaranty Trust Bank has a long history of corporate social responsibility projects, often gaining recognition for its CSR efforts.
Its Annual Autism Conference, which it has held for eleven years, works to reduce the stigma associated with autism. The event also provides free speech and behavioral consultations with medical experts for people living with autism.
In education and sports, Guaranty Trust Bank also hosts the Master’s Cup, one of the most popular grassroots football tournaments in the country. In 2021, the Bank celebrated Children’s day with a meeting between young children and Mabel Segun, the iconic Nigerian poet and playwright.
The bank has other CSR efforts in improving access to healthcare, and it hosts the GTBank Food and Drink Festival and the GTBank Fashion Week, two of the most popular pop culture events in Nigeria.
