Guaranty Trust Bank
Encyclopedia
Guaranty Trust Bank plc also known as GTB or GT Bank is the third biggest, but most profitable bank in Nigeria
based in Victoria Island
, Lagos
.
.
GTB Plc was incorporated in July 1990, as a private limited liability company wholly owned by Nigerian individuals and institutions. The approval as Commercial Bank followed in August 1990 and operations were started in February 1991.
In September 1996: IPO on NSE.
Licensed as a universal bank in 2002 and GTB plc certificated after ISO 9001:2000 in 2006.
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.
In the same year, they successfully placed Nigeria's first private Eurobond issue on the international capital markets.
GTB Plc is a partner of Morgan Stanley
and BNP Paribas
.
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.
As one of the first banks, they introduced online banking
and SMS banking
and as very first, mobile branches.
On March 12, 2008, GTB was given a banking licence for the United Kingdom
by the Financial Services Authority
.
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.
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.
On September 17, 2010 Citibank
Nigeria Ltd. took over the role of the custodian of the underlying shares
from Stanbic Nominees Nigeria Ltd., which makes Citibank the biggest shareholder. However Citibank, as beneficial owner, does not exercise any rights over the underlying shares, as all the rights reside with the various GDR holders.
CEO and co-founder Tayo Aderinokun died on June 14, 2011.
Cathy Echeozo - Deputy Managing Director
Demola Odeyemi - Executive Director
Wale Oyedeji - Executive Director
Omotola Olutola - Executive Director
Mr Oluwole Odeyemi - Chairman of the Board.
By December 2010 the Bank had a total of 2,500+ employees.
.
With the "GTBank-on-wheels" they have, as the first Nigerian bank, mobile branches.
GTBank has already expanded to Gambia, Ghana
, Liberia
and Sierra Leone
. These countries belong to the "Eco zone".It has also expanded to the United Kingdom
.
2006 and 2007, awarded by PricewaterhouseCoopers
as the most respected company in Nigeria.
Out of 108 Nigerian companies, GTB Plc was awarded in 2006, through the newspaper Vanguard, as The Most Customer Friendly Bank in Nigeria and Best Bank for Brand Development.
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
based in Victoria Island
Victoria Island (Nigeria)
Victoria Island is an affluent town that encompasses a former island of the same name that sits between Lagos Island and the Lekki Peninsula in the Lagos Lagoon. It is the main business and financial centre of Lagos, Nigeria. Victoria Island is one of the most exclusive and expensive areas to...
, Lagos
Lagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
.
History
Registered on January 17, 1990 by Central Bank of NigeriaCentral Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
.
GTB Plc was incorporated in July 1990, as a private limited liability company wholly owned by Nigerian individuals and institutions. The approval as Commercial Bank followed in August 1990 and operations were started in February 1991.
In September 1996: IPO on NSE.
Licensed as a universal bank in 2002 and GTB plc certificated after ISO 9001:2000 in 2006.
On July 26, 2007 the bank was, as very first subsaharan
Sub-Saharan Africa
Sub-Saharan Africa as a geographical term refers to the area of the African continent which lies south of the Sahara. A political definition of Sub-Saharan Africa, instead, covers all African countries which are fully or partially located south of the Sahara...
bank and first Nigerian joint stock company
Joint stock company
A joint-stock company is a type of corporation or partnership involving two or more individuals that own shares of stock in the company...
, listed on London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and Deutsche Börse
Deutsche Börse
Deutsche Börse AG is a marketplace organizer for the trading of shares and other securities. It also is a transaction services provider. It gives companies and investors access to global capital markets. It is a joint stock company and was founded in 1993. The headquarters are in Frankfurt,...
. 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.
GTB Plc is a partner of Morgan Stanley
Morgan Stanley
Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
and BNP Paribas
BNP Paribas
BNP Paribas S.A. is a global banking group, headquartered in Paris, with its second global headquarters in London. In October 2010 BNP Paribas was ranked by Bloomberg and Forbes as the largest bank and largest company in the world by assets with over $3.1 trillion. It was formed through the merger...
.
The long-term debts of Guaranty Trust Bank plc are rated BB- by Standard & Poor's
Standard & Poor's
Standard & Poor's is a United States-based financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. It is well known for its stock-market indices, the US-based S&P 500, the Australian S&P/ASX 200, the Canadian...
and AA- by Fitch Ratings
Fitch Ratings
The Fitch Group is a majority-owned subsidiary of FIMALAC, headquartered in Paris. Fitch Ratings, Fitch Solutions and Algorithmics, are part of the Fitch Group....
, which are the highest ratings for a Nigerian bank.
As one of the first banks, they introduced online banking
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
and SMS banking
SMS Banking
SMS banking is a technology-enabled service offering from banks to its customers, permitting them to operate selected banking services over their mobile phones using SMS messaging.-Push and pull messages:...
and as very first, mobile branches.
On March 12, 2008, GTB was given a banking licence for the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
by the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
.
GTB is a partner of Eko Atlantic City
Eko Atlantic City
Eko Atlantic city is a planned district of Lagos, Nigeria, being constructed on land reclaimed from the Atlantic Ocean. Located on Lagos’ Bar Beach, the proposed development is anticipating upon completion 400,000 residents and 250,000 commuters flowing daily to the new island...
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.
To the banks 20th Anniversary, a set of postage stamps were launched by the Nigerian Postal Service
Nigerian Postal Service
The Nigerian Postal Service, abbreviated as Nipost, is a government-owned and operated corporation, is the Nigerian postal administration responsible for providing postal services in Nigeria. It has more than 20,000 employees and runs more than 5,000 post offices...
. This was the first time in Nigeria that a corporate organization was honored in such a way.
On September 17, 2010 Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
Nigeria Ltd. took over the role of the custodian of the underlying shares
from Stanbic Nominees Nigeria Ltd., which makes Citibank the biggest shareholder. However Citibank, as beneficial owner, does not exercise any rights over the underlying shares, as all the rights reside with the various GDR holders.
CEO and co-founder Tayo Aderinokun died on June 14, 2011.
Employees
Olusegun Agbaje - Managing DirectorCathy Echeozo - Deputy Managing Director
Demola Odeyemi - Executive Director
Wale Oyedeji - Executive Director
Omotola Olutola - Executive Director
Mr Oluwole Odeyemi - Chairman of the Board.
By December 2010 the Bank had a total of 2,500+ employees.
Branches and Extensions
GTB Plc has over 160 branches in Nigeria and runs nationwide more than 230 ATMsAutomated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
.
With the "GTBank-on-wheels" they have, as the first Nigerian bank, mobile branches.
GTBank has already expanded to Gambia, Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
, Liberia
Liberia
Liberia , officially the Republic of Liberia, is a country in West Africa. It is bordered by Sierra Leone on the west, Guinea on the north and Côte d'Ivoire on the east. Liberia's coastline is composed of mostly mangrove forests while the more sparsely populated inland consists of forests that open...
and Sierra Leone
Sierra Leone
Sierra Leone , officially the Republic of Sierra Leone, is a country in West Africa. It is bordered by Guinea to the north and east, Liberia to the southeast, and the Atlantic Ocean to the west and southwest. Sierra Leone covers a total area of and has an estimated population between 5.4 and 6.4...
. These countries belong to the "Eco zone".It has also expanded to the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
Awards won
1996, 2000, 2003, 2004, 2005, 2006 and 2008 Nigerian Stock Exchange Presidents Merit Award.2006 and 2007, awarded by PricewaterhouseCoopers
PricewaterhouseCoopers
PricewaterhouseCoopers is a global professional services firm headquartered in London, United Kingdom. It is the world's largest professional services firm measured by revenues and one of the "Big Four" accountancy firms....
as the most respected company in Nigeria.
Out of 108 Nigerian companies, GTB Plc was awarded in 2006, through the newspaper Vanguard, as The Most Customer Friendly Bank in Nigeria and Best Bank for Brand Development.
- 2005 Africa's top 23 (awarded by Africa Business Magazine)
- 2005 Bank of the year (awarded by The BankerThe BankerThe Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London...
magazine) - 2005 African Bank of the year (awarded by African Investor magazine)
- 2005 Bank of the year (awarded by This Day newspaper)
- 2006 Banker of the year(awarded by This Day newspaper)
- 2007 Brand of the year (awarded by This Day newspaper)
- 2007 Deal of the year (awarded by The BankerThe BankerThe Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London...
magazine) - 2007 Best bank in mobile banking (awarded by Nigeria Telecom)
- 2007 Brand of the year (awarded by Lagos State Enterprises)
- 2007 Grand Prix award for reputation and credibility (by Fortune & Class Enterprise)
- 2007 Corporate best practice award (by Fortune & Class Enterprise)
- 2007 Best work place award (by Fortune & Class Enterprise)
- 2008 Transaction of the year award (by This Day newspaper)
- 2008 Deal of the year for Nigeria (awarded by The banker: Financial Times)
- 2008 Best Bank in Mobile Banking awarded by Nigeria Telecom)
- 2009 CEO of the Year (awarded by This Day newspaper)
- 2009 Most IT Driven bank (awarded by National Daily newspaper)
- 2009 CEO of the Year (awarded by Global Excellence Recognition Awards)
- 2009 Most customer focused bank in Nigeria (awarded by KPMGKPMGKPMG is one of the largest professional services networks in the world and one of the Big Four auditors, along with Deloitte, Ernst & Young and PwC. Its global headquarters is located in Amstelveen, Netherlands....
) - 2009 Best Bank in Nigeria (awarded by Euromoney magazine)
- 2010 Most customer focused bank in Nigeria (awarded by KPMGKPMGKPMG is one of the largest professional services networks in the world and one of the Big Four auditors, along with Deloitte, Ernst & Young and PwC. Its global headquarters is located in Amstelveen, Netherlands....
) - 2010 Best Bank in Nigeria (awarded by Euromoney magazine)