GTBank gets new MD next month

  • Five EDs in the race

Barring last minute changes, Guarantee Trust Bank will get a new Managing Director next month to pilot its affairs.

Mr. Segun Agbaje, whose 10-year term as MD/Chief Executive Officer ends this year, announced earlier in the year that the bank was looking to transform into a Holdco.

He provided an update into the bank’s succession plans at an investor earnings call session on Monday.

According to Agbaje, in line with the bank’s succession plan, five of its executive directors are in line for the top job and are at the concluding stages of the recruitment process. A United Kingdom-based hiring consultant is helping the bank with the process.

“What we are looking for now is a Managing Director for Guaranty Trust Bank Nigeria. The process has started. We have five executive directors, and all of them are going through the process at the moment.

“We are working with a consulting firm in the UK where we are looking for, based upon what we see for the Nigerian business, what we think the future will hold, what we think Nigerian banking will look like. We will, at the end of this process at the beginning of the fourth quarter, have a Managing Director for GTBank Nigeria,” Agbaje said.

According to him, one of the five executive directors will emerge as MD before the end of the last quarter

The bank is in advanced stages of obtaining approval for a Holdco from the Central Bank of Nigeria and has laid out plans to expand its subsidiary interests.

GTB will for now be divided into four: GTB Nigeria, GTB West Africa, GTB East Africa, and GTB UK.

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