Guaranty Trust Bank (Gambia) Ltd is five-year-old today 5 March 2007, having commenced operations in The Gambia on 5 March 2002.

This milestone anniversary is coming barely weeks after this Gambian subsidiary of Nigeria’s Guaranty Trust Bank plc became a direct agent of the international money transfer company, Western Union Inc. The bank had hitherto been operating as a sub-agent of Western Union since 2004.

From a modest beginning in 2002, GTBank Gambia has truly become a model institution, deploying relevant cutting edge technology to deliver efficient and tailor-made banking services and products. The bank offers a wide range of commercial banking services and products to individuals, corporations, international institutions and public sector organisations.

Its nationwide branch network has also grown beyond the high brow Fajara business district of the country where its purpose-built head office complex is located, to branches and business offices in Banjul, the Gambian capital; Serrekunda, Brikama and the Senegambia district.

This geographical spread and support for the manufacturing, agriculture, tourism, and trade sectors of the Gambian economy has ensured that a growing share of the Gambian market benefits from the bank’s unique service.

Gambia’s largely agrarian economy of about 1.5 million people is a growing one, and its seaport and waterways located on the western tip of the West African sub-region are major lifelines for neighbouring Senegal and the landlocked economies of Mali, Burkina Faso Niger and Chad.

GTBank has contributed significantly to the success of this re-export trade by putting its financial skills and efficient service delivery at the disposal of its trader customers.

Despite its relative youth in The Gambia, GTBank Gambia has been able to arrange large foreign currency denominated credit facilities on a medium to long term basis as a result of its offshore links. The bank’s list of overseas correspondent banks includes ANZ, London; Belgolaise Bank, Belgium; HSBC, South Africa; and HSBC, New York.

The bank is affiliated to Guaranty Trust Bank  (Sierra Leone) Ltd, Guaranty Trust Bank (Ghana) Ltd and Guaranty Trust Assurance plc, all subsidiaries of Guaranty Trust Bank plc, one of Nigeria’s most profitable and fastest growing banks.

GTBank Gambia was issued a licence to operate commercial banking services by the Central Bank of The Gambia (CBG) in March 2002 and it promptly commenced operations with an authorised share capital of D40 million (about $1.4 million) and paid-up capital of D35.7 million ($1.3 million). The Bank has since grown to be a leading member of The Gambian financial services industry and its officials are often consulted by the Gambian authorities on banking and monetary matters.

The bank has also increased its paid-up share capital to D60 million with an authorised capital of D65 million in line with the CBG’s new share capital requirements.

The bank, which presently employs over 145 Gambians, with nine in managerial positions, ensures that its people are well trained through formal training and attachments with the parent bank in Nigeria, as part of its skills transfer programme.

Recent developments in the Guaranty Trust Group showcase the quality and international clout of its pan-African franchise. GTBank Sierra Leone was adjudged “Financial Institution of the Year 2006” during the Annual Sierra Leone National Achievements Award in December 2006. The Group has attracted more foreign investment into the sub-region as the FMO acquired 15% stake in GTBank Ghana in January 2007.

In February 2007, Guaranty Trust Bank plc raised $350 million Eurobond, the first such transaction to be consummated by a Nigerian company in recent times. Widely acclaimed by analysts to be a milestone development in the annals of banking in sub-Saharan Africa, the $350 Eurobond note is currently listed on the London Stock Exchange’s Gilt Edged and Fixed Income Market.

Licensed as a commercial bank in 1990, Guaranty Trust Bank plc commenced operations in February 1991 and was quoted on the Nigerian Stock Exchange in 1996.  With about 110 branches in Nigeria, the bank has a (triple A) Aaa credit risk rating from Agusto & Co, the leading domestic rating agency in Africa’s most populous economy. It also has a double A minus (AA-) and double B minus (BB-) risk ratings by the leading international rating agencies, Fitch and Standard & Poor’s, respectively. These ratings are the highest assigned to any West Africa-based bank by the two global rating agencies and Guaranty Trust Bank plc is presently the only Nigerian bank so rated. The bank also recently won the This Day 2006 “Brand of the Year” award and two Vanguard awards, namely the “Best Bank for Brand Development” and the “Most Customer Friendly Bank”. This Day and Vanguard are two of Nigeria’s national newspapers.

GTBank’s presence and activities in The Gambia promote commerce, cross-border trade and investment opportunities in the West African sub-region, as its Gambian subsidiary leverages on the Guaranty Trust Group’s enviable heritage and global connections.