Guaranty Trust Holding Company (GTCO) Plc has completed the acquisition of 100 per cent shares in Investment One Pension Managers Limited.
This was contained in a regulatory filing by the lender in a notice to the Nigerian Exchange Group (NGX) and the investing public.
The Group Chief Executive Officer of GTCO Segun Agbaje said the acquisition would spur the bank to become a full-fledged financial services company.
Agbaje said, “With over 30 years of being a trusted banker to millions of Nigerians and expertise in capital allocation to generate the highest yields for our customers and shareholders, the Pension Fund business is a natural fit for the Guaranty Trust brand.
“Also, our bias for the highest standards in corporate governance will ensure transparency in how we manage the funds under our management, which will ultimately make us the preferred Pension Fund Administrator, not only in the Nigerian market but also in Africa.
“While we are evolving as an organization, we remain committed to our founding values, which have endeared our brand to millions of people across Africa and beyond and which continue to drive our financial success.”
The bank explained that the new subsidiary would, on completion of the acquisition, function as a Pension Fund Administrator to the general public, as all regulatory approvals for commencement of operations had been obtained.
The Group Chief Executive Officer of Investment One Nicholas Nyamali also assured that the company would continue to offer investment management, investment banking and robust digital services to its customers, while pursuing the next phase of its strategy to expand its business operations internationally.
Meanwhile, GTCO has decided to file its full-year Audited Financial Statements for the year ended December 31, 2021 after 60 days following the post-listing requirements of the NGX.