Guaranty Trust Bank Plc has said its ongoing corporate reorganisation was ratified by its shareholders at a court-ordered meeting.
In a statement titled ‘Update on ongoing Guaranty Trust Bank Plc corporate reorganisation’ on Tuesday, it said to maintain optimum operational efficiency, there would be a holding company board of directors, made up of seven members and a bank board of directors with eight members.
It said, “Recall that during the Guaranty Trust Bank Plc half year 2020 investors/analysts call held on September 7, 2020, Mr Segun Agbaje, the managing director and chief executive officer of Guaranty Trust Bank Plc, confirmed the commencement of the succession process for Guaranty Trust Bank Nigeria and noted that all executive directors of the bank are participating in this process.
“At the full year 2020 investors/analysts call held on March 22, 2021, Mr Agbaje provided an update on the succession process for Guaranty Trust Bank Nigeria, confirming that it has been completed.
“He also confirmed the ongoing corporate reorganisation has been ratified by shareholders at the court-ordered meeting of the holders of the fully paid ordinary shares, held on December 4, 2020.
“He noted that in order to maintain optimum operational efficiency, there will be a holding company board of directors made up of seven members and a bank board of directors with eight members.”
The bank said the members of boards of directors would be announced, and all other details of the ongoing corporate reorganisation would be provided once all regulatory approvals had been obtained.