Segun Agbaje, CEO, GTBank

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

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

The banks said 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.

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