Guaranty Trust Holding Company PLC also known as GTCO PLC (Formerly Guaranty Trust Bank 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 and with subsidiaries in Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone and the United Kingdom.
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 Nigeria, 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.
The Bank currently employs over 12,000 professionals and has Total assets and Shareholders’ Funds of N4.057trillion and N661.1Billion respectively. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC into a Holding Company.
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