Nigeria’s tier 1 lender, Guaranty Trust Bank (GTBank), says it has obtained an approval-in-principle from the Central Bank of Nigeria (CBN) to commence a formal process of restructuring to a financial holding company.
Nigeria’s biggest bank by market capitalization, disclosed this in a statement released on Wednesday, signed by Erhi Obebeduo, company secretary at GTBank who said the restructuring will be implemented by means of a scheme arrangement between the Bank and its shareholders in pursuant to companies and allied matters act (CAMA).
Guaranty Trust Bank’s board said it expects the HoldCo structure will have greater strategic flexibility to adapt to future business opportunities as well as market and regulatory changes than is currently the case.
Earlier in September, Nigeria’s biggest bank by customer base, Access bank, said it has received the Central Bank of Nigeria’s Approval-in-Principle to restructure its operations into a holding company (HoldCo) banking model.
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