A Tier -1 commercial bank, Guaranty Trust Bank says it has effected some changes to its constitution amidst widespread speculation of a management shake-up by the bank.While dismissing several media reports that it had effected a management change, the lender said there are processes guiding the announcement of the new management team, adding that such changes require regulatory approval.With the Bank’s long-serving Managing Director and Chief Executive Officer, Segun Agbaje billed to exit as CEO at the end of May 2021, the media was awash with reports of a new management team already place, with some announcing Miriam Olusanya, the current Executive Director- Wholesale Banking Division as the next Managing Director/Chief Executive designate.However, GTBank in a statement on Wednesday by Erhi Obebedue, company secretary, said it would communicate on new development upon conclusion of all regulatory engagement.The statement read, “The attention of Guaranty Trust Bank has been drawn to the news circulating in the media about the imminent changes to the Board and management of the bank.It said being an organization quoted on Nigeria Exchange Limited (NGX) and regulated by the CBN, approval is necessary before such announcement.“As an organization listed on the Nigeria Exchange Limited and regulated by the Central Bank of Nigeria (CBN) there are processes that guide such board changes and channel of communication of such changes are required by regulators.“The Board of the bank has approved changes in its constitution and is presently engaging its primary regulator on same and would formally communicate upon conclusion of all regulatory engagement.


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