In its relentless efforts to meet the banking needs of its regional customers, Guaranty Trust Bank, has gone a step further to introduce GT Bank International Money Transfer (GTMT) service.

The service, which is expected to initially start within the West African sub-region, will now enable customers as well as non-customers of the bank to receive and send money with ease and speed. With the presence of GT Bank in four countries across West Africa, the GTMT service would squarely solve the perennial problem associated with money transfer within the sub-region.

In essence, this new product will also enable customers and non-customers of the bank in Nigeria, Gambia, Ghana and Sierra Leone to walk into any of the various branches of the bank in any of these countries to receive and send money.

The product has a number of advantages and benefits over existing modes of money transfer. Firstly, it is instant and secured. A customer only needs to walk into any of GT Bank branches with cash and within minutes, the sender would be given a pin code for the receiver to use in collecting the transferred funds.

Secondly, it is relatively cheaper than other existing modes of transfer as its charges a flat rate of 3% on amounts above $300, while a flat sum of $10 is charged for amounts below $300.

Interestingly also, the service is available to both account and non-account holders of all Guaranty Trust Banks in Nigeria, The Gambia, Sierra Leone and Ghana.

There is also a fixed exchange rate as the payment and receipt of funds is in US dollars unless the recipient requests for the local currency. Users could also make a huge transfer of up to a limit of $10,000 per transaction.

According to the Managing Director of GT Bank (Gambia) Ltd Mr. Lekan Sanusi, “The fixed exchange rate would eliminate the high risk of customers getting huge losses as the exchange rate of the US Dollar changes on daily basis.

“At GT Bank, customer satisfaction is second to none in anything we do,” he added.

He pointed out that with the large presence of Nigerian, Sierra Leonean and Ghanaian populations in The Gambia, GTMT would be highly welcomed.

Commenting on the reliability of the GTMT service, Mr Bolaji Ayodele, GTB (Gambia) General Manager who also heads the operations division, said the reliability of the new service is devoid of any short coming as it immediately notifies the sender of the transaction by email message.

Mr. Ayodele went on to say that when the receiver finally receives the money, an email message is automatically sent to the sender for notification of receipt of the money.

A delegation of three top brass officials from the Guaranty Trust Bank (GT Bank), The Gambia Ltd, on 22 February paid a courtesy call on the Daily Observer Company Ltd in Bakau.

The bank officials comprised Mama Fatima Singhateh, company secretary and legal adviser, Babou Gai, corporate officer, and Mr Tijan Conteh, head of public sector group.

The group was received on arrival by Mr Andrew Dacosta, the Deputy Managing Director, on behalf of Mr Dida Halake, Managing Director and Editor-in-chief of the Daily Observer Company Ltd.

The visit was part of efforts meant to strengthen the already existing cordial relationship between the two institutions.

It was also meant to introduce the Bank’s newly appointed corporate affairs officer and to present a small parcel of gift to the Daily Observer, in recognition of their invaluable contribution towards national development, especially their relationship with GT Bank,The Gambia Ltd, among others, said Mama Fatima Singhateh.

Tejan Conteh, head of public sector group, spoke at length on the bank’s aims and objectives. “We are taking the banking level to an extra mile and we as well value our customers very much,” he said.

Babou Gai, corporate officer, briefed the Daily Observer deputy managing director on the bank’s adoption of a family house at the SOS children’s village in Bakoteh. According to him, the adopted family house cost $8,500 per year which is inclusive of expenses such as paintings, feeding and clothing of the children as well as school fees, among others.

“This gesture is part of the bank’s social responsibilities,” he said.

For his part, Andrew Dacosta, DMD of the Daily Observer, assured the bank officials of his company’s readiness to work with them at all time.

He spoke at length on what he called the long-standing relationship between the two institutions, touching on many facets of corporate relationship and other aspects of life.

He took the visiting officials on a conducted tour of the various departments of the Daily Observer to expose them to the operations of the country’s leading newspaper company.

The Brikama branch of the Guaranty Trust Bank on Monday donated twenty bags of rice, twelve bags of sugar and some buckets, worth over D20,000 to flood victims of Western Region, at a presentation ceremony held at the Brikama branch. Speaking at the presentation ceremony, representative of the bank’s Managing Director, Sir James Bitaye expressed the bank’s concern over the trauma the victims face after being hit by the flood. According to him, the gesture is in response to a call made by the Western Region Disaster Management Committee.

“This small token is Guaranty Trust Bank’s contribution to help the victims. We hope it would cheer them up to know that we have concern for them,” he said.  He assured them of the bank’s readiness to work with the people and to help in the event of such natural disasters.  He thanked the Brikama Area Council for their invaluable support and cooperation.

In receiving the donated items, Abdou FM Badjie, Governor of Western Region, said disaster in his region this year, has reached catastrophic proportion and has been problematic.  He described the bank’s contribution as a step towards relieving natural disasters affecting the lives of the people.  According to him, the gesture will uplift the victims.  He underscored the bank’s efforts in financial management and called on all to close ranks in the interest of unity.

While commending the bank for the goodwill gesture, Governor Badjie expressed optimism and vowed that the gift will reach the beneficiaries.

Mr Ousman Gaye, Chairman of Brikama Area Council, in his vote of thanks, described the gesture as a kind one and thanked the bank for the kind gesture.

The ceremony was attended by Bala Musa Cham, Chief Executive Officer, Brikama Area Council, Lamin Gassama, Western Region Youth Committee and other senior officials.

The ceremony was chaired by Sereign Modou Joof, Public Relations Officer, Brikama Area Council.

The Point has been reliably informed that Guaranty Trust Bank, Plc. has achieved the prestigious honour of a place on the London Stock Exchange, becoming the first African bank to be listed at such exalted business level.

In a press release sent to this paper, the GT Bank management reported that the bank has closed its $750 million offer for subscription of Global Depository Receipts, which was oversubscribed by 15%.

In the press release conveying the good news, the bank noted that “industry analysts have described as another unprecedented move to further deepen its forays into the international market, disclosing that the parent bank of GT Bank Gambia, Guaranty Trust Bank, Plc. Last week Thursday, 26th July, 2007 became the first Nigerian Company and the first African bank to be listed on the London Stock Exchange. “This is coming on the heels of the resounding success of the bank’s $750 million offer for subscription of Global Depositary Receipts (“GDRs”) which closed a week earlier. The offer was issued in London market to raise about $500m from international institutional investors outside Nigeria and about $250m from individuals and institutional investors in Nigeria,” the release stated.

The release went on to explain that a Global Depositary Receipt (“GDRs”) is a negotiable dollar denominated bank certificate issued in international financial markets through a registered depositary bank while it represents ownership of certain equity securities that are issued and traded in a local market as well as ownership of a certain number of shares of a company. “It can be listed / traded independently from the equity securities. GDRs are typically used by companies from emerging markets to raise capital and access investors in international markets,” the release elucidated.

The bank further revealed that the parent company’s GDR offer is the first such opportunity for Nigerians to make dollar-denominated investments in the securities of a Nigerian company listed and traded on London Stock Exchange, adding that “it opens up a previously unavailable large and global capital market to Nigerian investors considering that the London Stock Exchange is the primary market to many of the world’s largest companies, attracting some of the largest and most sophisticated investors in the world. The dividends of the GDRs are paid in US dollars.”

In retrospect the bank’s efforts to secure this position on the London Stock Exchange were highlighted, noting that hitherto it only traded in ordinary shares on the Nigerian Stock Exchange. “Following the closure of the Offer Period, the GDRs have been admitted to trade under the symbol “GRTB” on the market for listed securities of the London Stock Exchange through its International Order Book.” The release then gave an analysis of the London Stock Exchange’s comparative position in the global domain, portraying it as not only having gathered two centuries of experience but also as the cynosure of 350 reputable companies the world over. “Its wealth of experience, integrity, expertise as well as knowledge of the market has propelled it into becoming one of the world’s foremost equity exchanges, ahead the famed New York and Tokyo Stock Exchanges.”

“This land mark achievement reaffirms Guaranty Trust Bank’s desire to further strengthen its cross boarder presence and grow the confidence of international investors in the burgeoning Nigerian market. The bank already has a credible foot print in the international market with its highly successful $350 million Eurobond offer which was the first of its kind by any Nigerian Institution.

“The listing of Guaranty Trust Bank in the London Stock Exchange gives a positive commentary on the bank as one of Nigeria’s most profitable & and fastest growing banks while lending credence to its AA- (double A minus) by Fitch; and BB- (double B minus) by Standard & Poor’s, the ratings assigned by the two international rating agencies to any Nigerian or west African - based bank. The bank has subsidiaries in Gambia, Sierra Leone and Ghana,” the release concludes.