Guaranty Trust Bank

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Guaranty Trust Bank plc
Type Public limited company
ISIN US40124Q2084
Industry Finance
Founded January 17, 1990
Headquarters 635 Akin Adesola Street, Victoria Island, Lagos, Nigeria
Area served Cote d'Ivorie, Kenya, Liberia, Gambia, Ghana, Nigeria, Rwanda, Sierra Leone, Uganda, United Kingdom
Key people Segun Agbaje, (CEO)
Products Retail banking
Commercial banking
Corporate banking
Services Banking
Revenue Increase ₦ 242.7 billion (2013)
Operating income Increase ₦ 189.5 billion (2013)
Net income Increase ₦ 90.0 billion (2013)
Total assets Increase ₦ 2,102.8 Trillion (2013)
Total equity Increase ₦ 332.4 billion (2013)
Employees 5000+ (2013)
Website www.gtbank.com

Guaranty Trust Bank plc also known as GTB or GTBank is one of the largest banks in Nigeria based in Victoria Island, Lagos. The bank is considered to be one of the largest companies in entire Western Africa.

History[edit]

Guaranty Trust Bank plc was incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public in 1990 and commenced operations in February 1991.

In September 1996, Guaranty Trust Bank plc became a publicly quoted company and won the Nigerian Stock Exchange President’s Merit award. In February 2002, the Bank was granted a universal banking license and later appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003.[1]

Guaranty Trust Bank undertook its second share offering in 2004 and raised over N11 billion from Nigerian Investors to expand its operations.

On July 26, 2007 the bank was, as very first subsaharan bank and first Nigerian joint stock company, listed on London Stock Exchange and Deutsche Börse. The IPO raised US$750,000,000.[2]

In the same year, they successfully placed Nigeria's first private Eurobond issue on the international capital markets.[3]

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.[4]

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.[5][6]

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.

On March 12, 2008, GTB was given a banking licence for the United Kingdom by the Financial Services Authority.[7]

GTB is a partner of Eko Atlantic City a new 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.[8]

To the banks 20th Anniversary, a set of postage stamps were launched by the Nigerian Postal Service. This was the first time in Nigeria that a corporate organization was honored in such a way.[9]

In 2011, the bank became the biggest bank in Nigeria by market capitalisation. 2010 it was on the third place behind Zenith Bank and First Bank.[10]

The Bank has over 5000 employees.[11]

Branches and Subsidiaries[edit]

GTB Plc has 201 branches in Nigeria and runs nationwide and more than 291 ATMs.

GTBank has expanded to Cote d'Ivorie, Gambia, Ghana, Liberia and Sierra Leone. These countries belong to the "Eco zone". It has also expanded to the United Kingdom.

With the acquisition of a 70 per cent stake in Fina Bank GTBank expand into the East African market. As a consequence, Fina Bank be renamed and rebranded as subsidiaries of GTBank.[12]

References[edit]

External links[edit]