It also announced its new board of directors as well as changes to the board of its banking subsidiary, Guaranty Trust Bank Limited on Wednesday.

The statement said, “The banking subsidiary, Guaranty Trust Bank Limited will be governed by a board of directors comprising, Mr Ibrahim Hassan as chairman of the board, Mrs Miriam Olusanya as managing director, Mr Jide Okuntola as deputy managing director, Mr Haruna Musa as executive director, Mr Olabode Agusto as independent non-executive director, Ms Imoni Akpofure and Mrs Victoria Adefala as independent non-executive directors.

According to the statement, Guaranty Trust Holding Company Plc would be governed by a board of directors comprising of Mr Sola Oyinlola as chairman of the board and Mr Segun Agbaje as the group chief executive officer, Mr Adebanji Adeniyi as executive director, Mrs Cathy Echeozo as non-executive director, Mr Suleiman Barau and Mrs Helen Bouygues as independent non-executive directors

All the appointments had been approved by the Central Bank of Nigeria and disclosed to the Securities and Exchange Commission and the Nigerian Exchange Group, it stated.

It stated that Guaranty Trust Bank Plc had completed its re-organisation to a holding company structure. Under the terms of the re-organisation, a new operating company had been established and amendments made to the articles of incorporation for a corporate name change. The corporate name of Guaranty Trust Holding Company Plc and GTCO Plc would be used by the newly established operating company.

Commenting on the completion of the corporate reorganisation, Agbaje said, “We believe that a holding company structure will allow us take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base.”

While speaking during the listing of GTCO’s shares with a closing gong ceremony on the Nigerian Exchange Limited on Tuesday, Agbaje, said that the new structure of the group would give it better advantage to compete and create value for its customers and shareholders.

The group noted that the listing followed the completion of all regulatory requirements for the corporate reorganisation into a holding company structure, and the listing of GTCO Plc, on the NGX and the London Stock Exchange, replacing Guaranty Trust Bank Plc.

During the event, Guaranty Trust said that as part of its long-term growth strategy, it had now adopted a holding company structure where GTCO Plc would operate as the parent company of all Guaranty Trust banking businesses across Africa and the United Kingdom as well as other non-banking businesses which would be established following the transition.