Guaranty Trust Bank (Gambia) Ltd turns five-year old today, having commenced operations in the country on March 5, 2002.

According to reports from the GTBank Head Office on Kairaba Avenue, this milestone anniversary came barely weeks after this Gambia subsidiary of Nigeria’s Guaranty Trust Bank, became a direct agent of the international money transfer company, Western Union Inc. The bank hitherto been operating as a sub-agent of Western Union since 2004.

From a modest beginning in 2002, GTBank Gambia became a model institution, deploying relevant cutting edge technology to deliver efficient and tailor-made banking services and products. The bank has been offering 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 of Fajara business district of the country, where its purpose-built head office complex is located, to branches and business offices in Banjul, Serrekunda; Brikama and the Senegambia district.

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 basic 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 (Seirra Leone) Ltd, Guaranty Trust Bank (Ghana) and Guaranty Trust Assurance, all subsidiaries of Guaranty Trust Bank, one of the Nigeria’s most profitable and fastest growing banks.

GTBank Gambia was issued a license to operate commercial banking services by the Central Bank of Gambia (CBG) in March 2002 and it promptly commenced operations with an authorised share capital D40 million (about $1.4 million) and paid up capital of D35.7 million). The Bank has since grown to be a leading member of the Gambia financial services industry and its officials are often consulted by the Gambian authorities on banking and monetary matters. The bank has also increased it’s paid up share capital to D60 million with an authorised capital of D65 million in line with CBG’s new share capital requirements.

The bank which currently 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 skill transfer program.

Licensed as a commercial bank in 1990, Guaranty Trust Bank commenced operations in February 1991 and was quoted on the Nigerian Stock Exchange in 1996. With about 110 branches in Nigerian, the bank has a (triple A) A 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 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”.