Guaranty Trust Bank, one of the leading Nigerian financial institutions is set to re-organize and translate into a financial holding company.
Already, the bank has secured the approval approval-in-principle of the Central Bank of Nigeria (CBN), and a “no objection” from the Securities and Exchange Commission (SEC) to proceed on the reorganization.
The bank is only waiting for the approval of other regulatory bodies, the Federal High Court of Nigeria,and the bank’s shareholders for the start off of the scheme.
GT Bank Company Secretary, Erhi Obebeduo in a statement explained restructuring will be done through a scheme of arrangement between the Bank and its shareholders pursuant to the Companies and Allied Matters Act (the Scheme).
He explained further: “Under the Restructuring, it is proposed that the issued shares in the Bank be exchanged on a one-for-one basis for the shares in a financial holding company. The Bank’s existing Global Depositary Receipts (GDRs) are also proposed to be exchanged on a one-for-one basis for new GDRs to be issued by the financial holding company;
The Board of Directors of GTBank made the decision to embark on the Restructuring following a comprehensive strategic evaluation of the operating and competitive environment of the Nigerian banking sector in the near term. The Board expects that the financial holding Company will have greater strategic flexibility to adapt to future business opportunities as well as market and regulatory changes than is currently the case;
GTBank suffers mass staff resignation
The IT division at GTBank has suffered a continual decrease in personnel within the last six months. It has caused a significant technical lacuna and work overload for current employees. Reports reaching 1st News have it that GTBank has been slow in promoting its staff; inadvertently triggering a wave of exits into the labour market which had attractive offers for their talent.
The shortage in manpower is bringing about increased workload; and mounting pressure on the remaining IT employees.
One staff said, “I was handling one application then it doubled as a result.”
Another one also: “There’s a particular team where three members left in the space of one month. Now, four people’s responsibilities are being juggled by one person.”
And yet another staff said, “The pressure is crazy. One person is doing three people’s jobs all in the name of efficiency. That’s why our cost to income ratio will always be the lowest in the industry.”
An undisclosed source said the frequent loss of experienced workers without commensurate hiring resulted in gaps in technical capabilities.
He said: “The application I am managing was handled by two people; but my partner has gone to join another team. If I’m leaving now, a new person can’t cram; and get a good grip of everything in my handover note within 3 weeks. We simply need more people on the team!”
This gap is often reflected when there is a service downtime towards the end of the month caused by server overload. During this period, transaction volume increases due to salary payments; and other month-end payments; leading to more pressure on existing resources.
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