One of Nigeria’s biggest banks, GTBank is restructuring to take on the fintech industry 2020 Share this article There’s an ongoing consolidation in the Nigerian banking scene. Zenith Bank and Union Bank, two of the country’s biggest banks are reportedly having merger talks. First Bank, Nigeria’s oldest and biggest bank, is planning to acquire two smaller banks. But the most interesting move is coming from Guarantee Trust Bank (GTBank), another too big to fail bank. GTBank wants to restructure as a holdings company. Its CEO, Segun Agbaje, made the disclosure during the bank’s earnings call for the fourth quarter of 2019. A holding company is a form of financial organization that owns a controlling interest in other businesses, called subsidiaries. For GTBank, the restructuring will allow the bank to develop other businesses beyond pure banking, he said. Before 2012, GTBank operated a number of non-banking services. It operated GTB Asset Management for capital market ser...
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