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Banking

Nigeria: Nigerian banks open up in UK

Flush with petrodollars and ambitious plans, Nigeria’s banks are coming to London. Guaranty Trust Bank, one of Nigeria’s leading banks, has just been authorized by the UK’s Financial Services Authority to operate as a bank in the UK. Its subsidiary, GTB UK, which is based in Margaret Street in London, will focus on commercial activity in areas where there are already established links between Nigeria and the UK and the other countries where it operates, including Gambia and Sierra Leone. The subsidiary will provide banking services such as receiving deposits and writing mortgages for both commercial and retail customers and intermediates.

"We are very pleased to be making our first step into Europe with the opening of GTB UK," says Tayo Aderinokun, managing director of GTBank. "We are confident many of our clients will welcome the opportunity to bank with us in London and we are excited about developing further business relationships through our UK subsidiary."

GTBank is one of Nigeria’s leading banks, offering a wide range of financial services and products throughout the country and the West Africa region. Historically, the group has focused its business on large and medium-sized corporate clients. The bank has also moved into the retail sector, building a nationwide network and providing banking services to nearly every segment of the Nigerian economy.

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