Guarantee Trust Bank Nigeria

Essay by NhienUniversity, Master'sA+, December 2006

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Guarantee Trust Bank PLC Nigeria, Role Model for Society

Guaranty Trust Bank was founded by both Adeola and Tayo who used to be colleagues at Continental Merchant Bank. With intensive experience in the banking industry supported by the subtle awareness about their own country, they nurtured the intention of setting up a bank with unique culture and vision. Therefore, GTB is a commercial bank which is quite different with others banks even from the start point.

GTB actually was started up in the unusual way without any political favoritism or privileged position. Adeola and Tayo chose their prospective investors based upon a judgment of integrity. Through their widespread networking, they shortlisted 43 prospects for initial investments and finally 42 out of them returned to the deal. Then they took initial risk of the bank startup before asking their sponsors to pour their money into the bank. Integrity, in fact, was the first and also the most important principle to build up GTB.

The second principle comes from the childish lessons about value of honesty. GTB was the first bank to ever in Nigeria publish a loss as a signal to the market that they would not give it falsified figures. They believed that doing the right thing doesn't mean that necessarily getting punished. And they can prove that point when nothing happened to them, their profit for following year even shot up to become the third most profitable result of any bank.

The third principle GTB based on is offering outstanding customer service and professional banking practices. Customer orientation is a major guideline for the business as they started with doing customer survey to see what customers wanted. That orientation even reflected to the architectural plan which redefined the customer-banker interface to become no more cages to prove that...