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… as investors loses N2.94bn over restructuring
Guaranty Trust Bank (GTBank) has appointed Mrs. Miriam Olusanya as its new Managing Director.
In a notice sent to the Nigerian Exchange Group Limited (NGX) on Wednesday, the tier one lender also announced the successful completion of its re-organization into a Holding Company Structure.
The new operating company with the brand name Guaranty Trust Holding Company Plc (GTCo) will be headed by Mr. Sola Oyinlola as Chairman while Mr. Segun Agbaje is the Group Chief Executive Officer.
Other members of the company’s Board are – Mrs. Cathy Echeozo (Non-Executive Director), Mrs. Helen Bouygues (Independent Non-Executive Director), and Mr. Adebanji Adeniyi (Executive Director).
The banking subsidiary, GTBank’s Board will comprise of Mr. Ibrahim Hassan (Chairman), Mrs. Miriam Olusanya (Managing Director), Mr. Olabode Agusto (Non-Executive Director), Ms. Imponi Akpofure (Independent Non-Executive Director), Mrs. Victoria Adefala (Independent Non-Executive Director), Mr. Jide Okuntola (Deputy Managing Director) and Mr. Haruna Musa (Executive Director).
According to the notice signed by the company’s Secretary, Erhi Obebeduo, the board was reconstituted following the retirement of about four Directors.
Agbaje, who spoke on the completion of the corporate re-organization, said: “We believe that a Holding Company Structure will allow us to take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base.
READ ALSO: Guaranty Trust Holding investors lose N2.94bn as firm completes restructuring
“We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African business by leveraging technology and strategic partnerships.
“As a bank, we were always looking to meet every customer need; with our corporate re-organization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities.
‘’Whilst we are evolving as an organization, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continues to drive our financial success.
“As a proudly African and truly an international brand, we will continue to live by these values of excellence, hard work, and integrity, even as we create faster, cheaper, safer, and more diverse products for people and businesses of varied types and sizes.’’
Meanwhile, investors have lost N2.94 billion as the company’s stock value dropped with just 24 hours to its complete restructuring.
Analysis of the GTCO’s stock price revealed that its market value has dropped by 0.33 percent in the last two days.
The company’s stock price dropped from N29.55 kobo per share to N29.45 kobo on Tuesday.
GTCO’s share traded flat at the end of trading on Wednesday, but not before dropping to as low as N29.25 kobo during intraday trading.
While some shareholders might have sold off their shares to protect their investment close to the new phase, the company said in a statement the restructuring would enhance its long-term growth prospects and competitiveness.
