GTCO is latest bank to complete first phase of capital raise
Guaranty Trust Holding Company Plc (GTCO), the parent company of GTBank, is the latest Nigerian lender to complete its first phase of capital raise.
GTCO said in a statement on Monday that it has secured the necessary approvals from the Central Bank of Nigeria and the Securities and Exchange Commission for the first tranche of its equity capital raise programme, successfully raising N209.41bn.
It said the offer attracted significant interest from domestic retail investors, resulting in 130,617 valid applications for 4,705,800,290 ordinary shares.
“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities,” Segun Agbaje, group chief executive officer of GTCO, said.
The lender said it will commence the second phase of its recapitalisation plan in 2025, which ”is strategically positioned to attract significant foreign institutional investments”.
It said the proceeds from the combined equity raise will be “strategically deployed to recapitalise the goup’s flagship subsidiary, Guaranty Trust Bank Limited, enhancing its ability to meet regulatory requirements and further solidifying its position as a leading financial institution”.
The funds will also support group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both banking and non-banking subsidiaries, according to the statement.
