GTCO Raises GTBank’s Paid-Up Capital to ₦504bn

GTCO Raises GTBank’s Paid-Up Capital to ₦504bn

Guaranty Trust Holding Company Plc (GTCO) has increased the paid-up share capital of its flagship banking subsidiary, Guaranty Trust Bank Limited (GTBank), to ₦504.04 billion, ensuring compliance with the Central Bank of Nigeria’s (CBN) new minimum capital requirement for commercial banks with international authorisation.

The recapitalisation was achieved through GTCO’s subscription to 6.99 billion ordinary shares of 50 kobo each issued by GTBank for a total consideration of ₦365.85 billion. This raised GTBank’s paid-up capital from ₦138.19 billion to ₦504.04 billion.

The fresh capital injection was funded from GTCO’s two-phased equity capital raising programme, which concluded recently. The exercise included a public offering in Nigeria that raised ₦209.41 billion from 130,617 valid applications for 4.7 billion shares, evenly split between retail and institutional investors, as well as a fully marketed international offering on the London Stock Exchange (LSE) that secured $105 million from long-term institutional investors in exchange for 2.29 billion new shares.

With the LSE transaction, GTCO became the first financial services institution in West Africa to be dual-listed on both the Nigerian Exchange (NGX) and the London Stock Exchange.

Speaking on the development, Group Chief Executive Officer of GTCO Plc, Segun Agbaje, described the recapitalisation as a pivotal step for the Group.

“The successful recapitalisation of our flagship banking subsidiary marks a significant milestone. With the CBN’s directive now fulfilled, we are focused on deepening innovation and service excellence, expanding across high-growth markets, and sustaining the industry-leading standards that define the GTCO brand,” he said.

GTBank said the new capital will be deployed to expand its branch network, grow its loan and investment portfolio, strengthen its information technology infrastructure, and harness emerging opportunities in Nigeria and other markets where it operates.

GTCO Plc confirmed that it continues to hold 100 percent ownership of GTBank, with no director of the holding company having any direct or indirect interest in the bank.