Guaranty Trust Holding Company Plc (NGX: GTCO; LSE: GTCO) has announced a significant increase in its investment in its wholly-owned subsidiary, Guaranty Trust Bank Limited (GTBank), through a rights issue subscription worth ₦365.85 billion. The transaction, which saw the subscription of 6,994,050,290 ordinary shares of fifty kobo each, raised GTBank’s paid-up share capital from ₦138.19 billion to ₦504.04 billion.
The move ensures GTBank’s compliance with the Central Bank of Nigeria’s (CBN) new minimum capital requirement for commercial banks with international authorisation.
This capital boost was funded through GTCO Plc’s recently concluded two-phased equity capital raising programme, which included:
- An international fully marketed offering on the London Stock Exchange (LSE) that secured \$105 million from long-term institutional investors in exchange for 2.29 billion new ordinary shares. This milestone made GTCO Plc the first financial services institution in West Africa to dual list on both the NGX and LSE.
- A public offering to Nigerians launched in July 2024, which generated ₦209.41 billion from 130,617 valid applications for 4.7 billion ordinary shares, evenly split between retail and institutional investors.
Commenting on the development, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, said:
“The successful recapitalisation of our flagship banking subsidiary, Guaranty Trust Bank Limited, marks a pivotal step in strengthening the foundation of our Group. With significant new capital secured and the CBN’s recapitalisation directive fulfilled, we are focused on deepening innovation and service excellence, delivering improved performance, and expanding our footprint across high-growth markets, while upholding the industry-leading standards that define the GTCO brand.”
GTBank plans to deploy the additional equity capital towards branch network expansion, asset growth (loans, advances, and investment securities), fortification of its IT infrastructure, and leveraging emerging opportunities in Nigeria and other markets where it operates.
Following the capital injection, GTCO Plc continues to hold 100% of GTBank’s issued and paid-up share capital, with no director of the Company holding any direct or indirect interest in the Bank.
About GTCO Plc
Guaranty Trust Holding Company Plc is one of Africa’s leading financial services institutions, with operations spanning banking, payments, asset management, and pension administration across 11 countries, including Nigeria, the UK, and key African markets. The Group has built a strong track record of innovation, service excellence, and sustainable shareholder returns.
