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Guaranty Trust Bank Now Open in Liberia

Mar 18, 2009, 5:44 AM

In line with its status as an emerging Africa's foremost financial services provider, Guaranty Trust Bank plc has expanded the scope of its operations in sub-Saharan Africa with the opening of a Liberian subsidiary located at

United Nations Drive
, Clara Town, BushrodIsland, and Monrovia, Liberia.
The Nigerian Bank which currently has a branch network which spans over 152 locations in
Nigeria, has additional subsidiaries in the United Kingdom, Gambia, Ghana and Sierra Leone. It also has four non-bank subsidiaries namely Guaranty Trust Assurance plc, GTHomes Limited, GTB Registrars Limited and GTAsset Management Limited.

GTBank's presence and activities in Liberia will herald a rise in trade and investment opportunities, as its Liberian subsidiary will enjoy the leverage of the Guaranty Trust Group's enviable heritage and global connections.

In his reaction, the Managing Director of Guaranty Trust Bank plc, Mr. Tayo Aderinokun stated that the Group's decision to set up in Liberia is with its economic development in mind. "Liberia, Africa's oldest independent country is filled with renewed vigor to rebuild the country under a new democracy and GTBank group is throwing its weight behind these laudable reconstruction efforts, and hopes to increase investor and business confidence in her banking sector, as we have continually done in our various local and international operating environments." In his own reaction, Mr Lekan Sanusi, the Managing Director of GTBank Gambia sees the business convenience implications of the opening. "This is a very good development, as it would enhance convenience to our Gambian customers with business offices or business partners in Liberia''.

The achievement of Guaranty Trust group showcases the quality and international reach of its pan-African franchise. GTBank (Sierra Leone) Limited was adjudged "Financial Institution of the Year 2006" during the Annual Sierra Leone National Achievements Award in December 2006. GTBank Gambia was recently voted ''The Bank of the Year 2008'' by the Gambia Chamber of Commerce & Industry in February 2009, while GTBank Ghana Ltd also recorded the landmark achievement of attracting a 15% investment in its equity by FMO in January 2007.

These achievements are not restricted to the subsidiaries alone, as the mother brand Guaranty Trust Bank plc is prided with an enviable shelf of awards from credible institutions amongst which are the Most IT-Driven Bank of The Year 2008 by National Daily Newspaper, Most Customer Focused Bank in Nigeria by KPMG (2008), Most Respected Company in Nigeria 2007 by Price Waterhouse Coopers, Best Bank in Corporate Governance 2008 by Vanguard Newspapers and Best Corporate Social Responsibility Rating 2008 by SIAO.

The Bank is also credited with the ground breaking feat of being the first Nigerian Company and first sub-Saharan bank and Nigerian company to be listed on the main market of the London Stock Exchange. Similarly, the Bank had earlier entered the history books as the first Nigerian institution since the early 1990s to venture into the international capital markets and raise funds in a Regulation S Eurobond issue with a $350 million Eurobond issue.

Licensed as a commercial bank in 1990, Guaranty Trust Bank plc commenced operations in February 1991 and was quoted on the Nigerian Stock Exchange in 1996. The bank has a (triple A) Aaa credit risk rating from Agusto & Co, the leading domestic rating agency in Africa's most populous economy. It also has a double A minus (AA-) and double B minus (BB-) risk ratings by the leading international rating agencies, Fitch and Standard & Poor's, respectively.

Undoubtedly, these accolades and achievements of the Guaranty Trust Group will ensure that GTBank (Liberia) Limited is in good stead to positively impact on the Liberian populace and shore up the foreign investment profile of the country.