Guaranty Trust Holding Company Plc, GTCO has increased its investment in its flagship banking subsidiary, Guaranty Trust Bank Limited, GTBank, boosting the bank’s paid-up capital to ₦504 billion.
The recapitalisation followed 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 raises GTBank’s paid-up share capital from ₦138.18 billion to ₦504.03 billion, ensuring compliance with the Central Bank of Nigeria’s (CBN) new minimum capital requirement for commercial banks with international authorisation.
The capital injection was funded through GTCO’s recently concluded two-phased equity raising programme. The initiative included a public offering in Nigeria that raised ₦209.41 billion from 130,617 valid applications for 4.7 billion ordinary shares, and an international offering on the London Stock Exchange (LSE), which secured $105 million from institutional investors for 2.29 billion new shares.
With the LSE listing, GTCO became the first West African financial services institution to dual-list on both the NGX and LSE.
Segun Agbaje, Group Chief Executive Officer of GTCO Plc, described the recapitalisation as a milestone for the Group.
“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 for Guaranty Trust Bank now 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.”
According to GTCO, the additional equity will be channelled into expanding GTBank’s branch network, growing its loan and investment portfolio, strengthening its IT infrastructure, and leveraging emerging opportunities in Nigeria and other key markets.
Following the injection, GTCO retains full ownership of GTBank, with directors of the holding company holding no direct or indirect interest in the bank.
GTCO Plc is one of Africa’s leading financial services institutions, with operations spanning banking, payments, asset management, and pension administration in 11 countries, including Nigeria, the UK, and other African markets.