GTBank’s parent, GTCO, Begins Habari 3.0 With Acquisitions of One Funds, One Pension

GTBank’s parent company (GTCo) lost its medal and badly wants to reclaim it. That medal was the most valued publicly traded financial institution in Nigeria. To make that happen, GTCO has to unleash new playbooks in the  market. Call it Habari 3.0.

The first Habari was a massive success; GTBank was the bank for the professionals. It turned most of its customers into fans as using GTBank bank account was seen as a symbol of “being there”. But there were many own-goals which the bank scored against itself.

Habari 2.0 did not really deliver. That unification of commerce was disintermediated by an amalgam of digital startups which went ahead and executed the gameplan which GTBank has been plotting for years. Today, GTBank’s app is not likely the place you will book your next ticket to London or where to find the logistics carrier to move your yam from Kano to Lagos.

But Habari 3.0 is here: “GTCO Plc … today notified the Nigerian Exchange Group (NGX) and the investing public that GTCO Plc has concluded the acquisition of the 100% equity stake in Investment One Pension Managers Limited (IOPM) and Investment One Funds Management Limited (IOFM) (together, the Companies) held by Investment One Financial Services Limited (IOFS or the Seller).” That is the start of the game.

As GTCO moves deeper into the game, it is what happens at the injury time that will decide how this will end. Pension gives you fees but paytech startups give you “taxes”. Interestingly, most people like those taxes on transactions. GTBank will likely acquire a major fintech startup to juice its playbook.

But it is not just GTBank; everyone needs a way to get into those “taxes” because when you receive money with Paystack and Flutterwave, you expect them to deduct some money. But your bank cannot do that since it is expected that they have your money and can lend it and make money via it.

Unfortunately, what if your Flutterwave is your store of value? In other words, that fintech wallet is where you keep money with no plans to send it to the traditional bank? If that redesign stays, GTCO will add a fintech in that holding empire for a chance to win that medal which Zenith Bank Plc holds.

The battle in the next decade will be massive in Nigerian banking: Access Bank provides a real threat even as UBA unifies the continent through its presence in more than 20 countries in Africa. The insurgent First Bank is there even as Zenith Bank holds the zenith spot of the sector. A digital native solution remains a promise.

But not only GTBank but most banks because the disrupters are coming….. Who moves money from his/her fintech wallet to a bank? You just spend from there! That is disintermediation.

——–Press Release

Guaranty Trust Holding Company Plc (GTCO Plc or the Group) (GTCOplc.com), a diversified financial services provider, today notified the Nigerian Exchange Group (NGX) and the investing public that GTCO Plc has concluded the acquisition of the 100% equity stake in Investment One Pension Managers Limited (IOPM) and Investment One Funds Management Limited (IOFM) (together, the Companies) held by Investment One Financial Services Limited (IOFS or the Seller).

IOPM is licensed by the Nigerian Pensions Commission (PenCom) to operate as a Pension Fund Administrator in Nigeria. On the other hand, IOFM is licensed by the Securities and Exchange Commission (SEC) to undertake fund management and investment services on behalf of clients and manage collective investments schemes as a corporate investment adviser. The Seller is regulated by the SEC and offers a wide range of services including Investment Management, Trust Services, Financial Advisory Services, Security Brokerage and Pension Funds Management. Forthwith, the Companies cease to be subsidiaries of the Seller and have become wholly owned subsidiaries of GTCO Plc.

In line with GTCO Plc’s aspirations to operate across the financial services sector value chain in Africa, these acquisitions would expand the product and service offerings of the Group into the Assets and Funds management segments whilst positioning GTCO Plc as a dominant player for all critical financial services.

Commenting on the completion of the Corporate Reorganization, Mr Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, said: “We are very excited to get started on the next phase of our incredible journey to driving Africa’s growth by making end-to-end financial services easily accessible to every African and African Businesses by leveraging Technology and Strategic Partnerships. As a bank, we were always looking to meet every customer need; with our corporate reorganization, we will be able to do more to help our customers thrive in this new world of digital technologies and unprecedented possibilities”.

He further stated that, “Whilst 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. As a Proudly African and Truly International brand, we will continue to live by these values — of excellence, hard work and integrity, even as we create faster, cheaper, safer and products for people and businesses through every stage of life.”

The acquisitions were facilitated by Exotix Advisory Limited and Vetiva Capital Management Limited as Financial Advisers, Aluko & Oyebode as Legal Adviser and Deloitte & Touche (Nigeria) as Financial Due Diligence Adviser.

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