The Bank has notified The Exchange that its Board of Directors has resolved to recommend the divestment of the Bank’s shareholding interest in its non-banking subsidiaries (the “Proposed Divestment”) for the consideration and approval of the Bank’s shareholders at a duly convened general meeting.
The proposed divestment shall also entail the sale of the Bank’s equity stake in its insurance subsidiary-Guaranty Trust Assurance (“GTA”) Plc.
The Bank has direct shareholding interest of approximately 68% in the existing issued share capital of GTA Plc as at today.
The proposed divestment is in line with the Bank’s plans to ensure compliance with the new licensing regime released by the Central Bank of Nigeria (CBN) on September7, 2010, pursuant to the repeal of the Universal Banking Guidelines.
The Board has also undertaken to ensure that the proposed Divestment is carried out with utmost transparency via an independently managed sale process to be executed in accordance with, and does not infringe any existing law, regulation or guidelines in Nigeria.