Guaranty Trust Bank Bahamas? Quick Answer

RALEIGH, N.C., Aug. 14, 2018 (GLOBE NEWSWIRE) — First Citizens Bank announced that its Guaranty Bank division (which also operates as BestBank), based in Milwaukee, Wisconsin, is transitioning its operations and systems from First Citizens.

“This successful transition reflects our continued commitment to Guaranty Bank and BestBank customers,” said Frank B. Holding Jr., chairman and CEO of First Citizens Bank. “We look forward to building on the solid foundation we have laid as we continue to grow our business.”

The transition of the Guaranty Bank/BestBank division to First Citizens Bank follows the completion of a transition that places both banks on the same operational and technical systems and aligns customer accounts with First Citizens products and services.

Effective Monday, August 13, the former Guaranty Bank/BestBank branches will now be known as First Citizens Bank. Signs on the former offices of the Guaranty Bank/BestBank division have been changed to First Citizens Bank.

“We look forward to continuing to establish the First Citizens Bank brand in Wisconsin and building stronger partnerships with customers and communities in the coming days,” Holding said. “Now that the transition to First Citizens systems is complete, retail customers will be able to enjoy our full range of products and services. In addition, business and commercial customers will benefit from new online features and better access to our expanded offerings.”

In Wisconsin, customers can now bank at any of the 10 First Citizens locations in the Milwaukee area. The conversion includes nine former branches of the Guaranty Bank division. The bank’s Northridge branch at 7901 West Brown Deer Road in Milwaukee was closed Friday, August 10 in connection with the conversion. (First Citizens also operates a store from a previous, separate acquisition — 10 total stores in the market.)

In Georgia, the transition included a BestBank branch in Decatur. BestBank customers can now bank at any of First Citizens’ 13 locations in the greater Atlanta area.

In addition, these customers can bank anywhere in the First Citizens branch network in 19 states through First Citizens digital banking (online and mobile), ATM and phone. Information regarding the conversion and transition to First Citizens Bank was sent to Guaranty Bank/BestBank customers in June.

background

On May 5, 2017, the Office of the Comptroller of the Currency (OCC) closed Guaranty Bank (which also operated as BestBank) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. On that date, First Citizens Bank announced an agreement with the FDIC to purchase certain assets and assume certain liabilities of Guaranty Bank, which by that time became a division of First Citizens Bank.

In a separate transaction, First Citizens Bank and Capital Commerce Bancorp, Inc. of Milwaukee, Wisconsin, announced on June 27, 2018 that they had signed a merger agreement. Capital Commerce Bancorp provides personal and commercial banking products and services through its subsidiary Securant Bank & Trust with four locations in Hartland, Milwaukee, Menomonee Falls and Slinger, Wisconsin. The proposed merger is expected to close no later than the fourth quarter of 2018, subject to receipt of regulatory approvals and Capital Commerce Bancorp shareholder approval.

About the first citizens

Founded in 1898, First Citizens Bank is headquartered in Raleigh, NC. First Citizens Bank is a wholly owned subsidiary of First Citizens BancShares, Inc. (Nasdaq: FCNCA), which has more than $35 billion in assets. For more information, call 1.888.FC DIRECT toll-free (1.888.323.4732) or visit firstcitizens.com. First citizen bank. Forever First®.

Nigerian businessman and investor

Tajudeen Afolabi Adeola is a Nigerian businessman and investor. He is the founder of Guaranty Trust Bank (GTBank Plc.),[1] a member of the Commission for Africa, and the founder and chairman of the FATE Foundation.[2][3]

Education [edit]

Adeola completed his secondary education at Methodist Boys High School in Lagos. He received an accounting degree from Yaba College of Technology in 1975 and, after training at Deloitte, Haskins and Sells and D.O. Dafinone & Company (both auditors). Over the years he has received professional training from well-known institutions worldwide, including Harvard Business School, INSEAD and the International Institute for Management Development in Switzerland.[4]

In 1999 he completed a one-year sabbatical at the National Institute for Policy and Strategic Studies in Kuru, Jos, Nigeria, where he conducted research on economic development and job creation policies.

Private sector[edit]

In 1990 he founded (with Tayo Aderinokun) Guaranty Trust Bank, which he served as Managing Director and Chief Executive Officer from 1990 to July 2002.[5] Since then, the bank has expanded beyond Nigeria into other neighboring African countries (Gambia, Sierra Leone, Ghana and Liberia) and the United Kingdom. The bank was listed on the Nigerian Stock Exchange in 1996.[6]

In 2002, Adeola voluntarily retired from Guaranty Trust Bank after twelve years, handing over the post to his deputy, Tayo Aderinokun. Since then he has been Chairman of UTC, ARM, Lotus Capital, Eterna Oil, CardinalStone Partners Limited, Tafsan Breweries (board member) and Credit Registry Services.

He is also the Chairman of Main One Cable Company Limited[7], which in 2010 completed the construction of a free-access undersea cable system that stretches 14,000 kilometers and provides international and internet connectivity to countries on the Atlantic coast from Portugal to Lagos.[8 ]

Public sector[edit]

Adeola served as Chairman of the National Pensions Commission [9] following the promulgation of the Pensions Act (principally drafted by him) by the National Assembly of Nigeria. He chaired the Lagos State Disaster Relief Committee, established after the Lagos Armory explosion on January 27, 2002. He was the vice-presidential nominee of the Nigeria Action Congress (ACN) and served as the vice-presidential nominee of former Economic and Financial Crimes Commission (EFCC) Chairman Nuhu Ribadu in the 2011 presidential election.

Adeola also served on the National Honors and Awards Committee and was appointed a member of the Governing Council of Lagos State University in November 2004. He was a member of the Solid Minerals Committee (appointed by the federal government) and Chairman of the Ogun State Development Trust Fund Committee. He was a councilor at Lagos State University and served as a councilor at Olabisi Onabanjo University until January 17, 2011.[10]

Citizenship [edit]

Adeola founded the FATE Foundation in 2000.[11] FATE is a non-governmental organization that aims to promote entrepreneurship using a mix of training, mentoring, credit support and advice to support young Nigerians. To date it has served over 30,000 young Nigerian entrepreneurs, over 65% of whom are full-time employees in their company, employing around four people on average.

FATE opened an innovation hub in Abeokuta, the Institute for Venture Design, in partnership with Stanford University’s Center for Design Research, which runs an entrepreneurship program focused on engineering, technology and innovation, aiming to advance the development of Nigeria’s industry support financially .

Adeola was a member of the World Economic Forum’s Global Advisory Committee on Philanthropy for four years. In 2001, he was invited to join 24 other business leaders at the Aspen Institute ISIB Annual Business Leaders Dialogue in Aspen, Colorado. In May 2004 he was appointed Commissioner for Africa by British Prime Minister Tony Blair.[12]

He was a Council Member and is a Fellow of the Institute of Chartered Accountants of Nigeria; Fellow of the Institute of Directors of Nigeria.[13][14]

Honors and awards[edit]

He was nationally decorated as an Officer of the Order of the Federal Republic (OFR) by President Olusegun Obasanjo in December 2002. He holds an honorary doctorate from Nkumba University, Ntebbe, Uganda. Banker of the Decade in 2009 by Vanguard Newspaper Group. Yaba Tech Distinguished Famous Alumni Award. Zik Leadership in 2003. This Day Awards 2011 – Change Makers in Social Entrepreneurship[15]

Personal life[edit]

Adeola is married to Hajara and has six children.

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Sometimes life gets so hectic that you forget the little things that make the difference; For example, save regularly for your child.

Luckily, it’s easy to never miss out on saving for your kid. All you have to do is place a standing instruction for the transfer of any amount from your account to your child’s SKS account and we’ll do the rest.

You can set up a standing order for your child’s SKS account using Bank 737 or internet banking.

How to set up a persistent statement with 737

Just dial *737*52*AMOUNT*26#.

How to set up a permanent instruction via internet banking

Login to internet banking

Select Account Transfers from the menu on the left

Select standing order on GTBank account

Select New standing order and fill out the required fields.

It takes less than five minutes to give a constant instruction. So start saving today for your child’s tomorrow.

How unpopular are America’s largest banks? Here’s a good starting point: Fully half of the 10 largest bank mergers in American history ended with the acquirer giving up its name.

Data: Dealogic; Note: As of February 7, 2019; Diagram: Andrew Witherspoon/Axios

News Driver: BB&T is changing its name, likely to something upbeat, “consumer-centric,” and from a New York branding consultancy focused on an inch of its life. I suspect there will be a rounded font.

NationsBank changed its name to Bank of America, Travelers changed its name to Citigroup, Norwest changed its name to Wells Fargo, and Firstar changed its name to US Bancorp.

Travelers changed its name to Citigroup, Norwest changed its name to Wells Fargo, and Firstar changed its name to US Bancorp. Other banks, including GMAC Bank, changed their names just because they felt they really needed a name change. (She is now known as Ally Bank.)

Go Deeper: The Mega Merger of BB&T and SunTrust

Guaranty Trust Holding Company PLC, also known as GTCO PLC, is a multinational financial services group providing retail and investment banking, pension administration, wealth management and payments services and is headquartered on Victoria Island, Lagos, Nigeria. GTCO Plc incorporated into a holding company in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC [1]

GTCO Plc’s reorganization means it will now offer more services beyond banking; whereby a payment business for the group is in the foreground.[2] Under its old structure, it could not have engaged in non-lending operations as a 2010 regulation [3] by the Central Bank of Nigeria (CBN) required banks to cease operating their non-bank subsidiaries. They either had to divest themselves of non-core lending services or reorganize as a holding company.

The new businesses include payments, pensions, wealth management and existing banking. GTCO’s Nigeria banking subsidiary, Guaranty Trust Bank Limited, is Nigeria’s most valuable bank by market value with its recent market valuation [4] of N840.26 billion.

Guaranty Trust Holding Plc originally started as Guaranty Trust Banks and was founded in 1988 by over 35 young Nigerians in their 30s, led mainly by Tayo Aderinokun and Fola Adeola, but also by Femi Pedro, Gbolade Osibodu, Femi Akingbe, Akin Opeodu and others.[ 5]

history [edit]

Guaranty Trust Bank Plc was incorporated in 1990 as a limited liability company (LLC) regulated by the Central Bank of Nigeria to provide business and other banking services to Nigerians. The bank began operations in 1991 as a commercial bank. The bank opened its first headquarters on February 11, 1991 at The Plaza, Adeyemo Alakija, Victoria Island, Lagos. In 1992 the bank opened two branches in Lagos (Ikeja and Broad Streets) as well as its first inland branch in Kano and in 1993 a branch in Port-Harcourt.

In September 1996, Guaranty Trust Bank plc became a public company and received the President’s Merit Award from the Nigerian Stock Exchange. The bank received a universal banking license in February 2002 and was later designated as a settlement bank by the Central Bank of Nigeria (CBN) in 2003.[6] Subsidiaries were established in The Gambia and Sierra Leone in the same year.[7]

Guaranty Trust Bank undertook its second share offering in 2004, raising over N11 billion from Nigerian investors to expand its operations.

On July 26, 2007, GTBank became the first ever bank from Sub-Saharan Africa and the first Nigerian public company to be listed on the London Stock Exchange and the German Stock Exchange. The IPO raised $750,000,000.[8] In the same year they successfully placed Nigeria’s first private Eurobond issue on the international capital markets.[9]

The US$500,000,000 GTBank Eurobond was the first-ever benchmark Eurobond issuance by a Nigerian company and GTBank’s second Eurobond program in the last 5 years.[10]

Guaranty Trust Bank plc’s long-term debt is rated BB- by Standard & Poor’s and AA- by Fitch, which are the highest ratings for a Nigerian bank.[11][12]

They introduced online banking and SMS banking in Nigeria and a Naira-denominated MasterCard, as well as the Platinum and World Signia cards and mobile branches with GTB-on-wheels.

On March 12, 2008, GTBank received a UK banking license from the Financial Services Authority.[13]

Guaranty Trust Bank Limited is a partner of Eko Atlantic City, a newly created island (820 ha) in the Atlantic Ocean adjacent to Victoria Island Lagos. It will be home to the new financial district. Construction of Eko Atlantic City began in 2009 and is scheduled for completion in 2016.[14]

To commemorate the bank’s 20th anniversary, the Nigeria Post Office issued a set of GTBank jubilee stamps. This was the first time in Nigeria that a corporate organization was honored in this way.[15]

GTbank, Maryland Branch, Lagos

In 2011, the bank became the largest bank in Nigeria by market capitalization.[16]

In 2013, the bank acquired a 70 percent stake in Fina Bank Group for a cash payment of US$100 million.[17] Fina Bank’s branches and subsidiaries were renamed GT Bank soon after.

In 2013, the bank issued a bond for 400,000,000 euros at a coupon of 6%; the fewest that a Nigerian company receives on the international capital market. The Eurobond was issued under the US$2,000,000 Global Medium Term Note Programme, registered under both Regulation in the United States and Rule 144A in the United Kingdom, and will be sold to investors across Africa, America, Asia and Europe .[18]

The bank has over 10,000 employees.[19]

In May 2021, GT Bank announced a [20] change in its corporate structure, becoming a holding company and spinning off its banking and other businesses into subsidiaries. The proposed amendment was ratified by shareholders [21] on December 4, 2020 following a court-ordered shareholders’ meeting.

controversy[edit]

Innoson and GTB have long been involved in legal disputes over a financial contract. On March 29, 2019, the Supreme Court ordered GT Bank to pay Innoson Motors the sum of £8.8 billion on accrued interest.[22]

In an exclusive report, People’s Gazette, using bank records, revealed how GTCO, through its subsidiary Investment One, donated the sum of N200 million to Vice President Yemi Osinbajo’s campaign account, in violation of the federal campaign finance law. The payment was made in three tranches of N100 million, N50 million and N50 million. The electoral law allows a maximum donation of N1 million per candidate in a presidential campaign.[23][24]

leadership [edit]

Chairman is Hezekiah Oyinlola; Segun Agbaje is the Group’s Chief Executive Officer. The other board includes; Catherine Echeozo, Suleiman Barau, Helen Lee Bouygues, and Adebanji Adeniyi.[25]

Branches and subsidiaries[ edit ]

Guaranty Trust Holding Company Plc has 11 subsidiary banks with plans to form subsidiaries for payments, wealth management and pension administration.

GTCO PLC has offices in the following countries:

Corporate social responsibility[ edit ]

Guaranty Trust Bank has a long history of corporate social responsibility projects[26] and is often recognized[27] for its CSR efforts.

Her annual autism conference, which she has held for 11 years,[28] works to reduce the stigma associated with autism. The event also features free speech and behavioral consultations with medical experts for people with autism.

In education and sports, Guaranty Trust Bank also hosts the Master’s Cup,[29] one of the country’s most popular grassroots tournaments. In 2021, the bank celebrated Children’s Day with a meeting between young children and Mabel Segun,[30] the legendary Nigerian poet and playwright.

The Bank continues CSR efforts to improve access to healthcare[31] and hosts the GTBank Food and Drink Festival[32] and GTBank Fashion Week[33], two of Nigeria’s most popular pop culture events.

Awards and recognition[ edit ]

In July 2019, GTBank was named Best Bank in Africa at the annual Euromoney Awards for Excellence in London. In the same year it was named Nigeria’s best bank for the ninth time.[34]

In 2020, Guaranty Trust Bank received the Euromoney Excellence in Leadership Africa Award and was named Best Bank in Nigeria by Euromoney [35] in 2020 and Best Bank in Africa by the same publication in 2021.[36]

Guaranty Trust Bank was also named the best digital bank in Nigeria by research and rating agency Agusto & Co.[37] The bank was also the most admired financial brand in Nigeria and Africa in 2020.

In 2021, Guaranty Trust Bank was named Best Banking Group, Best Retail Bank in Nigeria and Most Innovative Bank in Nigeria by the World Finance Banking Awards. World Business Outlook named Guaranty Trust Bank Best Digital Bank and Best Mobile Banking App.

ZENITH BANK IS THE NO. ONE BANK IN NIGERIA BY TIER 1 CAPITAL

Zenith Bank Plc has again been ranked the number one bank in Nigeria in Tier-1 Capital’s 2020 Ranking of the Top 1000 World Banks published by The Banker Magazine. With Tier 1 capital of $2.79 billion, the 2019 ranking recorded $2.40 billion.

The ranking, published in the July 2020 edition of The Banker Magazine of the Financial Times Group, UK, was based on the Tier 1 capital of banks worldwide at the end of 2019. According to the ranking report, Zenith Bank extended its lead over the second-ranked bank in Nigeria. Zenith’s financial performance for the year was underpinned by a 29% increase in noninterest income with improved market share in both the retail and corporate sectors.

Regarding the latest rankings, Ebenezer Onyeagwu, Group Managing Director/Chief Executive said: “This ranking, which further confirms our market leadership, is the result of a well thought out strategy to always bring joy and create value to our numerous customers through a wide range in superior product offerings, world-class service and cutting-edge technology.”

Tier 1 capital describes a bank’s capital base and is the central measure of a bank’s financial strength from a regulatory perspective. According to the ranking, Tier 1 capital, as defined in the latest BIS guidelines, includes loss-absorbing capital, i.e.

Zenith Bank has made a clear distinction in the Nigerian financial services industry with excellent service quality, unique customer experience and solid financial indexes. With a knack for setting the pace and setting standards, the bank is a clear leader in the digital space, with multiple firsts in deploying innovative products, solutions and a choice of alternative channels that ensure convenience, speed and security of transactions.

As a testament to its resilience and market leadership, Zenith Bank announced impressive results for the year ended 31 December 2019 with profit after tax (PAT) of N208.8 billion, becoming the first Nigerian bank to achieve the feat of to cross the N200 billion mark. In the recently released unaudited financial results for the first quarter of 2020, the bank also reported improved results over the corresponding period in 2019, with gross revenues up 6% to N166.8 billion and profit before tax (PBT) up 3% 58.8 N soared billion.

In line with this outstanding performance and in recognition of its exceptional track record, Zenith Bank was ranked Best Commercial Bank Nigeria 2019 by World Finance and Best Digital Bank Nigeria 2019 by Agusto & Co. The bank was also voted Bank of the Year and Best Retail Bank in the BusinessDay Banks and other Financial Institutions (BAFI) Awards 2019. Most recently, the bank was named the Most Valuable Banking Brand in Banker Magazine’s “Top 500 Banking Brands 2020” for the third consecutive year in Nigeria, Best Bank in Nigeria in Global Finance’s World’s Best Banks Awards 2020 and Bank of the Decade (People’s Choice) at ThisDay Awards 2020.