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 Lagos ( ; ), or Lagos City, is a large metropolitan city in southwestern Nigeria. With an upper population estimated above 21 million dwellers, it is the largest city in Nigeria, the most populous urban area on the African continent, and on ...

Nigeria Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...

. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC (or GTBank) into a Holding Company. 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

, 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.

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 operations as a commercial bank in 1991. The Bank inaugurated its first Head Office on 11 February 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. 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 the

Gambia The Gambia, officially the Republic of The Gambia, is a country in West Africa. Geographically, The Gambia is the List of African countries by area, smallest country in continental Africa; it is surrounded by Senegal on all sides except for ...

and Sierra Leone. Guaranty Trust Bank undertook its second share offering in 2004 and raised over ₦11 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 A joint-stock company (JSC) is a business entity in which shares of the company's capital stock, stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their share (finance), shares (certifi ...

to be listed on

London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...

and

Deutsche Börse Deutsche Börse AG (), or the Deutsche Börse Group, is a German multinational corporation that offers a marketplace for organizing the trading of shares and other securities. It is also a transaction services provider, giving companies and inv ...

. 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 US$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 S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is co ...

and AA− by

Fitch Ratings Fitch Ratings Inc. is an American credit rating agency. It is one of the three nationally recognized statistical rating organizations (NRSRO) designated by the U.S. Securities and Exchange Commission and is considered as being one of the " Bi ...

, which are the highest ratings for a Nigerian bank. They introduced

online banking Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institut ...

and

SMS banking SMS banking is a form of mobile banking. It is a facility used by some banks or other financial institutions to send messages (also called notifications or alerts) to customers' mobile phones using SMS messaging, or a service provided by them w ...

in Nigeria and a

naira The naira (sign: ₦; code: NGN; , , , ) is the currency of Nigeria. One naira is divided into 100 ''kobo''. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the ...

denominated MasterCard as well as the ''Platinum'' and ''World Signia'' cards and with ''GTB-on-wheels'', mobile branches. On 12 March 2008, GTBank was given a banking licence for the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

by the

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985 ...

. Guaranty Trust Bank Limited is a partner of Eko Atlantic City, a newly made island (820 ha.) in the

Atlantic The Atlantic Ocean is the second largest of the world's five oceanic divisions, with an area of about . It covers approximately 17% of Earth's surface and about 24% of its water surface area. During the Age of Discovery, it was known for se ...

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 was 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. Gtbank maryland

In 2011, the bank became the biggest bank in Nigeria by market capitalisation. In 2013, the bank acquired a 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. The Bank has over 10,000 employees. 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 4 December 2020 after a court mandated shareholders meeting.

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 ₦200 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 ₦100 million, ₦50 million, and ₦50 million. The electoral act permits a maximum donation of ₦1 million per candidate in a presidential race.

Leadership

Ibrahim Hassan 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. In 2015, Osaretin Demuren became the first female Chairman of the GTCO. In 2021, Miriam Olusanya was appointed the first female Managing Director of GTBank Nigeria, the flagship company of GTCO Plc.

Subsidiaries

Guaranty Trust Holding Company Plc has 11 banking subsidiaries with payments, asset management, and pension management subsidiaries. GTCO PLC has subsidiaries in the following countries: # GTBank Nigeria -

# HabariPay -

# GT Pensions -

# GT Fund Managers -

# GTBank Kenya -

Nairobi Nairobi is the Capital city, capital and largest city of Kenya. The city lies in the south-central part of Kenya, at an elevation of . The name is derived from the Maasai language, Maasai phrase , which translates to 'place of cool waters', a ...

Kenya Kenya, officially the Republic of Kenya, is a country located in East Africa. With an estimated population of more than 52.4 million as of mid-2024, Kenya is the 27th-most-populous country in the world and the 7th most populous in Africa. ...

# GTBank Rwanda -

Kigali Kigali () is the Capital (political), capital and largest city of Rwanda. It is near the nation's geographic centre in a region of rolling hills, with a series of valleys and ridges joined by steep slopes. As a primate city, Kigali is a relativ ...

Rwanda Rwanda, officially the Republic of Rwanda, is a landlocked country in the Great Rift Valley of East Africa, where the African Great Lakes region and Southeast Africa converge. Located a few degrees south of the Equator, Rwanda is bordered by ...

# GTBank Uganda -

Kampala Kampala (, ) is the Capital city, capital and largest city of Uganda. The city proper has a population of 1,875,834 (2024) and is divided into the five political divisions of Kampala Central Division, Kampala, Kawempe Division, Kawempe, Makindy ...

Uganda Uganda, officially the Republic of Uganda, is a landlocked country in East Africa. It is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the ...

# GTBank Côte d'Ivoire -

Abidjan Abidjan ( , ; N'Ko script, N'ko: ߊߓߌߖߊ߲߬) is the largest city and the former capital of Ivory Coast. As of the Demographics of Ivory Coast, 2021 census, Abidjan's population was 6.3 million, which is 21.5 percent of the overall population ...

Ivory Coast Ivory Coast, also known as Côte d'Ivoire and officially the Republic of Côte d'Ivoire, is a country on the southern coast of West Africa. Its capital city of Yamoussoukro is located in the centre of the country, while its largest List of ci ...

# GTBank Gambia -

Banjul Banjul (, (US) and ), officially the City of Banjul, is the capital city of The Gambia. It is the centre of the eponymous administrative division which is home to an estimated 400,000 residents, making it The Gambia's largest and most densely ...

# GTBank Ghana -

Accra Accra (; or ''Gaga''; ; Ewe: Gɛ; ) is the capital and largest city of Ghana, located on the southern coast at the Gulf of Guinea, which is part of the Atlantic Ocean. As of 2021 census, the Accra Metropolitan District, , had a population of ...

Ghana Ghana, officially the Republic of Ghana, is a country in West Africa. It is situated along the Gulf of Guinea and the Atlantic Ocean to the south, and shares borders with Côte d’Ivoire to the west, Burkina Faso to the north, and Togo to t ...

# GTBank Liberia -

Monrovia Monrovia () is the administrative capital city, capital and largest city of Liberia. Founded in 1822, it is located on Cape Mesurado on the Atlantic Ocean, Atlantic coast and as of the 2022 census had 1,761,032 residents, home to 33.5% of Liber ...

Liberia Liberia, officially the Republic of Liberia, is a country on the West African coast. It is bordered by Sierra Leone to Liberia–Sierra Leone border, its northwest, Guinea to Guinea–Liberia border, its north, Ivory Coast to Ivory Coast–Lib ...

# GTBank Sierra Leone -

Freetown Freetown () is the Capital city, capital and largest city of Sierra Leone. It is a major port city on the Atlantic Ocean and is located in the Western Area of the country. Freetown is Sierra Leone's major urban, economic, financial, cultural, e ...

Sierra Leone Sierra Leone, officially the Republic of Sierra Leone, is a country on the southwest coast of West Africa. It is bordered to the southeast by Liberia and by Guinea to the north. Sierra Leone's land area is . It has a tropical climate and envi ...

# GTBank UK -

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

England England is a Countries of the United Kingdom, country that is part of the United Kingdom. It is located on the island of Great Britain, of which it covers about 62%, and List of islands of England, more than 100 smaller adjacent islands. It ...

# GTBank Tanzania -

Dar es Salaam Dar es Salaam (, ; from ) is the largest city and financial hub of Tanzania. It is also the capital of the Dar es Salaam Region. With a population of over 7 million people, Dar es Salaam is the largest city in East Africa by population and the ...

Tanzania Tanzania, officially the United Republic of Tanzania, is a country in East Africa within the African Great Lakes region. It is bordered by Uganda to the northwest; Kenya to the northeast; the Indian Ocean to the east; Mozambique and Malawi to t ...

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. Guaranty Trust Bank Plc 01

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.

Awards and recognition

In July 2019, GTBank was recognized as the best bank in Africa at the annual Euromoney Awards for Excellence held in

. In the same year, it was adjudged the best bank in Nigeria for the ninth time. In 2020, Guaranty Trust Bank was awarded the Euromoney Excellence in Leadership Africa Award and was also named the Best Bank in Nigeria by

Euromoney ''Euromoney'' is an English-language monthly magazine focused on business and finance. First published in 1969, it is the flagship production of Euromoney Institutional Investor plc. History and profile ''Euromoney'' was first published in 19 ...

in 2020 and Africa's best Bank by the same publication in 2021. Guaranty Trust Bank was also named the Best Digital Bank in Nigeria by the research and credit rating agency, Agusto & Co. The bank was also the most admired finance brand in Nigeria and Africa in 2020. In 2021, Guaranty Trust Bank was named the Best Banking Group, the Best Retail Bank in

and the Most Innovative Bank in Nigeria by the World Finance Banking Awards. The World Business Outlook awarded Guaranty Trust Bank the Best Digital Bank as well as an award for the Best Mobile Banking app. In 2022, GTBank also won the most admired brand in Africa Award. In 2022, it was named the Most Socially Responsible Bank by the World Business Outlook, while in 2023, it got the best Bank in Nigeria awarded by the Global finance. GT Bank panaromic view

References

External links

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BSL-Finance Guaranty Trust Bank Profile BSL-Finance Guaranty Trust Bank Summary
{{Authority control Companies listed on the Nigerian Stock Exchange Companies listed on the London Stock Exchange Companies in the NSE-30 Index Multinational companies based in Lagos Banks of Nigeria Banks established in 1990 Victoria Island, Lagos Holding companies of Nigeria Asset management companies