GTBank obtains approval-in-principle from CBN to operate as financial holding company

GTBank obtains approval-in-principle from CBN to operate as financial holding company

GTBank has obtained an approval-in-principle from the CBN to operate as a financial holding company. The bank announced that in a press release sent to the Nigerian Stock Exchange.

It reads in part: “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).”

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

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