The Nigerian Exchange Limited (NGX) has suspended trading in Guaranty Trust Bank Plc’s shares (GTBank).
The NGX stated this in a notice to investors on Friday.
According to the notice, the suspension was essential to prohibit trading in the bank’s shares in preparation for the eventual delisting of Guaranty Trust Bank Plc from the Daily Official List of the Nigerian Exchange Limited (NGX) and listing of the Holding Company, Guaranty Trust Holding Company Plc on NGX.
In November 2020, GTB announced that it had obtained the approval-in-principle of the Central Bank of Nigeria (CBN) to commence the formal process of reorganising the bank to a financial holding company.
GTB had also obtained the “no-objection” of the Securities & Exchange Commission (SEC) in connection with the restructuring plan.
Under the restructuring, it is proposed that the issued shares in the bank will be exchanged on a one-for-one basis for the shares in a financial holding company.
Access bank and Sterling bank are the other banks to have indicated intention to form a holding company.