By Jeph Ajobaju, Chief Copy Editor
Guaranty Trust Bank has appointed Miriam Olusanya as Managing Director (MD) to complete a restructuring that puts the first woman at itsoperational helm, a rare occurrence in the banking sector.
Most banks have female board members but few have them as Chief Executive Officers (CEOs) or MDs. One of the exceptions is Fidelity Bank which appointed Nneka Onyeali-Ikpe as CEO in January.
Olusanya’s appointment was announced in a notice signed by GTBank Company Secretary, Erhi Obebeduo, and sent to the Nigerian Exchange Group Limited (NGX).
Nairametrics reports that Olusanya has over 16 years of banking experience. She joined GTBank in October 2004 as a Treasurer and has risen through the ranks, holding strategic leadership positions.
She was Group Treasurer and Head of Wholesale Banking prior to her latest promotion.
She is an alumna of the University of Ibadan where she obtained a bachelor’s degree in pharmacy; and University of Liverpool, England, where she got an MBA in Finance and Accounting.
GTBank tops market valuation with N840.26b
A market capitalisation of N840.26 billion places GTBank ahead of other banks in Africa’s largest economy in a ranking of the top seven based on their valuation at the Nigerian Stock Exchange (NSE).
The data was collated based on end of day prices as of June 25, which categorise market as cumulative value of a financial institution which includes all subsidiaries and commercial assets.
Market valuation is further calculated from the stock exchange price of shares multiplied by total unit of shares held, according to Nairametrics which did the ranking below:
Suspension in the trading of GTBank shares took effect on June 18, 2021 in preparation for its eventual delisting and subsequent listing of its holding company, Guaranty Trust Holding Company Plc on the NGX.
GTBank, a tier 1 bank, earlier reported that its total deposit in the first quarter of 2021 (Q1 2021) grew to N3.717 trillion, a 3.0 per cent surge compared to N3.611 trillion in Q1 2020.
Restructuring, reorganisation
The bank announced on Wednesday the completion of its re-organisation into a Holding Company Structure to strengthen long-term competitiveness and growth.
A new operating company bearing the name ‘Guaranty Trust Holding Company Plc’ (GTCo) has been established along with a new board of directors as well as changes to the board of its banking subsidiary (GTBank), per Nairametrics reporting.
The notice explained that the board was reconstituted following the retirement of about four directors.
Members of the GTCo board are
· Sola Oyinlola (Chairman)
· Segun Agbaje (Group CEO)
· Cathy Echeozo (Non-Executive Director)
· Helen Bouygues (Independent Non-Executive Director)
· Adebanji Adeniyi (Executive Director).
GTBank board comprises
· Inrahim Hassan (Chairman)
· Miriam Olusanya (Managing Director)
· Olabode Agusto (Non-Executive Director)
· Imponi Akpofure (Independent Non-Executive Director)
· Victoria Adefala (Independent Non-Executive Director)
· Jide Okuntola (Deputy Managing Director)
· Haruna Musa (Executive Director)
Reasons for restructuring
“We believe that a Holding Company Structure will allow us take advantage of new business opportunities in the emerging competitive landscape and strengthen our earnings base,” Agbaje explained.
“We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African business by leveraging Technology and Strategic partnerships.
“As a bank, we were always looking to meet every customer need; with our corporate re-organisation, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities.
“Whilst we are evolving as an organisation, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continues to drive our financial success.
“As a proudly African and Truly International brand, we will continue to live by these values – of excellence, hardwork and integrity, even as we create faster, cheaper, safer and more diverse products for people and businesses of varied types and sizes.’’
