Segun Agbaje, the Managing Director of Guaranty Trust Bank Plc, has revealed that the bank will be concluding the process for selecting a new MD/CEO by the fourth quarter of 2020.

Providing an update on the bank’s succession plans at an investor earnings call session on Monday, Agbaje whose 10-year tenure as MD/CEO of the multinational financial institution ends this year, had announced earlier in 2020 that the GT Bank was looking to transform into a Holdco.

Meanwhile, in line with the bank’s succession plan, five of its executive directors, according to him Agbaje, are in line for the position and are at the concluding stages of the recruitment process.

Agbaje said, ”What we are looking for now is a Managing Director for Guaranty Trust Bank Nigeria. The process has started, we have 5 executive directors and so all of them are going through the process at the moment. We are working with a consulting firm in the UK where we are looking for based upon what we see for the Nigeria business, what we think the future will hold, what we think Nigerian Banking will look like, we will then at the end of this process which will end at the beginning of the fourth quarter, we will then have a Managing Director for GT Bank Nigeria.”

We have 5 executive directors going through the process and one will emerge before the end of the fourth quarter. So succession for GT Bank Nigeria is well under control.

Also, the financial institution, reports said, is in advance stages of obtaining approval for a Holdco from the Central Bank of Nigeria (CBN) and has laid out plans to expand its subsidiary interests.

It was further gathered that GT Bank will for now be divided into four- GTB Nigeria, GTB West Africa, GTB East Africa, and GTB UK.

In the meantime, it there are indications that a new MD/CEO will be unveiled by early October and will be between Mr. Demola Odeyemi, Mr. Bolaji Lawal, Mr. Haruna Musa, Mrs. Miriam Olusanya, and Mr. Babajide Okuntola. Nairametrics understands the odds are between Olusanya and Lawal.