CBN approves GTBank to operate as holding company

CBN approves GTBank to operate as holding company.

CBN approves GTBank to operate as holding company

The Central bank of Nigeria (CBN) has given Guaranty Trust Bank Plc. an approval-in-principle to operate as a financial holding company.

This disclosure was made by the bank’s board in a statement to the Nigerian Stock Exchange on Thursday.

The process of transmuting into a holding company will be implemented by means of a scheme of arrangement between the Bank and its shareholders pursuant to the Companies and Allied Matters Act, the bank said.

“Guaranty Trust Bank plc (GTBank or the Bank) is pleased to announce that it has obtained the approval-in-principle of the Central Bank of Nigeria (the CBN) to commence the formal process of the reorganization of the Bank to a financial holding company (The Restructuring), which will be implemented by means of a scheme of arrangement between the Bank and its shareholders pursuant to the Companies and Allied Matters Act (the Scheme), the statement said.

The statement further disclosed that the bank obtained the “No-objection” of the Securities & Exchange Commission (SEC) in connection with the proposed Scheme.