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Guaranty Trust Bank Plc Nigeria A Case Solution
| Solution Id | Length | Case Author | Case Publisher |
|---|---|---|---|
| 2146 | 274 Words (2 Pages) | Lynn Sharp Paine, Harold F. Hogan | Harvard Business School : 399110 |
A Word File
Nigeria was an emerging economy and facing the same issues as other developing countries after its independence. After the discovery of oil, it became the major source of wealth instead of agriculture. Protected environment and corruption were major issues.
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The banking industry also suffered from economic conditions, and there were few solvents and financially viable banks with a weak regulator. Guaranty trust bank was one of the few sound banks in the country with a fast growth pace.
It was established in 1989 by two experienced bankers Fola Adeola and Tayo Aderinokunn. Both left their employer Continental Bank at the brink of its collapse. They believed reckless banking based on commissions was the reason for banks' failure. The bank raised an initial capital of 20 million Naira from 43 strong investors. The bank had a clear vision and strong ethical values.
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