Leadership (Abuja)
Pamela Sombo
21 March 2008
Abuja — Guaranty Trust Bank (GTB) has commenced operations in the United Kingdom (UK) with the licensing of its UK subsidiary.
It has also recorded $750 million of Global Depository Receipts (GDR) thereby becoming the first African bank and first Nigerian company to be listed on the main market of London stock exchange.
In a statement by the Standard Times Press, the managing director of the bank, Mr Tayo Aderinokun, said it is another achievement for the Nigerian banking sector.
The managing director, who acknowledged that the international community is fast acknowledging the strength and relevance of Nigerian companies in the global economy, said "the banks foray into the UK will facilitate the seamless transactions by Nigerians and corporate organisations that live or have businesses in the UK".
He said, "GTB Plc has re-affirmed pre-eminent position as one of Nigeria's brightest prospects in the financial services industry with the licencing of its wholly owned UK subsidiary".
The bank is to commence operations as a full fledged commercial bank, offering corporate and retail banking services in the UK and has received the operational licence from the Financial Services Authority (FSA), one of the strictest financial regulatory authorities in the world.
This is on the strength of its strong international brand equity and the consistence of its track record of professionalism, financial strength and landmark achievements over the years.
The bank within its 18 years existence established itself as one of Nigeria's premier financial institutions with strong footprints in West Africa.
Earlier, it had issued a $350 million regulatory Eurobond without the guarantee of either the Federal Government or any international financial institution and received an International Standards Organisation (ISO) 9001: 2000 Certification from the Standards Organisation of Nigeria (SON).
By virtue of this feat, GTB has become the first Nigerian bank of its generation to commence operations as a full fledged commercial bank in the UK.
Guaranty Trust Bank presently operates from 120 locations in Nigeria with subsidiaries in Gambia, Ghana and Sierra Leone, with four non subsidiaries namely Guaranty Trust Assurance, GT Homes, GTB Registrars and GT Asset Management.
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