Guaranty Trust Holding Company plc has announced the 100% acquisition of two subsidiaries of Investment One Financial Services Limited, thereby becoming wholly-owned subsidiaries of GTCO Plc.
The two subsidiaries are Investment One Pensions Managers Limited, and Investment One Funds Management Limited which specialize in Pension Fund Administration and Investment One Financial Services Limited.
The notice of both acquisitions was filed with the exchange, informing the investing public of the Group’s recent developments.
Hence, Guaranty Trust Holding Company will be fully running both subsidiaries and their periodic financial performance will be incorporated into the Group’s financials going forward.
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Investment One Pensions Managers Limited 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.
According to the company’s press statement, 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.
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What they are saying about the acquisition
While 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”.
“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”, he added.
The Financial Advisers to the acquisition were Exotix Advisory Limited and Vetiva Capital Management Limited, while the legal advisers were Aluko & Oyebode and Deloitte & Touche (Nigeria) served as Financial Due Diligence Adviser.