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Assur Africa Holding (AAH) is set to purchase Guaranty Trust Assurance from its holding company Guaranty Trust Bank PLC (GTBank).
As per the deal, AAH will purchase GTBank s 67.68% shares (of nearly N11.91 billion) in Guaranty Trust Assurance.
According to GTBank, the sale is part of Central Bank of Nigeria s directive eliminating universal banking. The elimination of universal banking, prohibits banks from assuming services or activities besides its core banking activities. It also prohibits banks from owning or having stakes in subsidiaries or companies not engaged in...