Guaranty Trust Holding Company Plc (GTCO) has injected N365.9 billion into its banking subsidiary, Guaranty Trust Bank Limited (GTBank), to comply with the Central Bank of Nigeria’s (CBN) new minimum capital requirement for banks with international authorisation.
In a notice filed with the Nigerian Exchange Limited and the London Stock Exchange on Friday, GTCO said the capital injection was executed through the issuance and allotment of 6,994,050,290 ordinary shares of 50 kobo each to the holding company via a rights issue.
With the new capital, GTBank’s share capital has risen from N138.19 billion to N504.04 billion, ensuring full compliance with the CBN directive.
The transaction formed part of a two-phase equity capital raising programme approved by GTCO shareholders at its 2024 Annual General Meeting and implemented with necessary regulatory approvals.
GTCO confirmed that it retains 100 per cent ownership of GTBank after the capital raise, adding that none of its directors has any direct or indirect interest in the subsidiary.
According to a statement signed by Group General Counsel and Company Secretary, Erhi Obebeduo, the fresh capital will support the bank’s growth strategy.
“The equity capital will be deployed by GTBank primarily for branch network expansion, asset growth (including loans, advances, and investment securities), fortification of information technology infrastructure, and to leverage emerging opportunities in Nigeria and other markets where it operates,” the statement said.
The development comes a day after GTCO became the first West African financial institution to list its shares on the London Stock Exchange, marking a major milestone for the group.
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