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   Market Date: 22-07-2014   
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GTBank Explains Success Strategy

Category: Capital Market


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GTBank Explains Success Strategy

 

Guaranty Trust Bank Plc (GTBank) has for the first time since the Central Bank of Nigeria /Nigeria Deposit Insurance Corporation examinations and intervention in some banks explained why and how it came out a stronger financial institution, when most banks emerged weaker or just managing to survive. 

 

 

The Managing Director of the bank, Tayo Aderinokun, made this known while addressing members of the Senior Management Programme (SMP) Class 35 of the Lagos business School at the bank’s corporate headquarters in Lagos yesterday.

 

 

He listed the factors behind the bank’s success as dynamic vision, high sense of hard work, insistence on due process, governance and the crave to always remain relevant to the economy, among others.

 

 

Aderinokun said owing to GTBank’s commitment to adjust to the environment whenever necessary and also consistently embracing change whilst keeping to the objectives for establishing the organisation, GTBank is benefiting strongly from the negative public perception of other banks in the industry.

 

 

The SMP 35 members had arranged a mentoring meeting with Aderinokun to further equip its members with knowledge of the day to day experiences in business and leadership.  The Class President, Mr Don Ogbonna said Aderinokun was chosen for the mentoring programme because of the top position GTBank consistently ranked in the strategy, performance measurement and evaluation of businesses and entrepreneurs during the class training.

 

 

“We saw GTBank coming top in strategy. The bank was used as a case study in managing financial ratios. Having heard so much about GTBank and the retinue of successes, we decided to meet with the man behind all that,” said Ogbonna. Aderinokun explained that the CBN intervention created a problem for GTBank but that it altogether turned out a blessing for the bank as it elevated it far above most of its competitors.

 

 

He said following the intervention, GTBank opened about 25,000 new accounts every week for customers that ran for safety.  “Since our system was not configured for such number of accounts, it led to shut down at intervals. But we responded fast by upgrading the system. As it is today, we have overcome that” he added. 

 

 

The GTBank boss pointed out that over the past 19 years, the bank has been driven by dynamic vision, stressing that for instance even though the bank started with a focus on the top- end market, it had to go retail when it realised that was needed to be a good bank and also remain relevant to the economy and the society. He said at GTBank employees are made to key in to the observance of due process and sound governance principles, stressing that due process was the saving grace of the bank during the stock and oil sector boom, when the temptation was rife among banks to commit all funds to that channel.

 

 

“Our process, which does not allow us to give out a certain amount to a single individual, helped us a great deal,” he said.  “We set standards, work smart and efficiently and at the end of the day, providence smiles at us” he added.  

 

 

(Source: ThisDay)

 



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