GTCO Acquires Pension Company, One Funds Management Limited, Owned by Its Former Employee
- GTCO has completed the acquisition of One fund's management Limited pension firm operated by a former employee
- The acquisition of the pension firm is part of GTCO's efforts to diversify beyond only providing banking services
- Guaranty Trust Bank will be transformed into a holding company in 2021, and the new acquisition will be hoped to make it a one-stop-shop for financial services
Guaranty Trust Holding Company plc (GTCO Plc) the parent company of GTbank has announced the acquisition of Investment One Funds Management Limited Nairametrics reports.
The acquisition is contained in a disclosure filed with The Exchange, informing the investing public of the completion of the acquisition of 100% shares in Investment One Funds Management Limited, owned by Nicholas Nyamali former director of GTbank.
The value of the deal is yet to be disclosed, it is believed it is in billions as the deal also include a mutual fund.
Source: Facebook
Mr. Segun Agbaje, Group Chief Executive Officer of GTCO Plc, commented on the acquisition, saying,
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“We are excited about our foray into the wealth management space, as it provides us with the opportunity of becoming a one-stop shop for financial services and products that will empower our customers through the course of their lives.
"We will focus on replicating our digital-first customer-centric retail strategy to create distribution channels for wealth solutions that we will offer, to both institutional and retail clients”.
Furthermore, he added that:
“As a dominant leader in financial services, we are positioned to add significant value to the asset management business in Nigeria and compete favourably with the largest global wealth managers in the areas of disclosure, corporate governance and regulatory compliance”.
In his reaction, Nicholas Nyamali, Group CEO of Investment One, expressed his pleasure that the Group was instrumental in GTBank’s strategy to adopt a holding company structure, while offering the mutual funds and pensions customers a more extensive service platform.
“We are pleased that our former subsidiary businesses will become part of our previous parent company group and we are confident our former customers will continue to enjoy excellent services after the transfer to GTCO, which is based on a company with a common heritage built on professionalism, service excellence and innovation."
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Source: Legit.ng
