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  • Business - Banking & Finance
  • Updated: November 05, 2020

GTBank To Delist From NSE, London Stock Exchange

GTBank To Delist From NSE, London Stock Exchange

Guaranty Trust Bank (GTBank) is working toward delisting its shares from the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE) as the company secured an Approval-in-principle from the Central Bank of Nigeria (CBN) to establish an Holding Company (HoldCo).

The delisting of GTBank's shares is expected to happen after the creation of the Holding Company. Note that the HoldCo will lead to GTBank and many other business opportunities of the lender becoming an autonomous entity or standalone business under the HoldCo.

AllNews had reported that the approval for GTBank to commence the creation of the Holding Company will be a boost for the bank's e-commerce platform, Habari and Quick Credit service, both of which have been positioned to compete against their market majors.

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The HoldCo will take the place of GTBank on the NSE and the LSE according to the statement from GTBank. Although, the HoldCo operation is still subject to final approval from Shareholders and the CBN.

"The financial holding ccmpany will be regulated by the CBN as an Other Financial Institution and listed on the Official List of The Nigerian Stock Exchange (The NSE) and the London Stock Exchange (the LSE).

"Concurrently, the Bank will be delisted from the official List of the NSE and the LSE, reregistered as a private limited liability company under the relevant provisions of Nigeria's corporate legislation." the statement read in part.

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