By Obinna Uballa
Guaranty Trust Holding Company Plc (GTCO) has injected N365.9 billion into its banking arm, Guaranty Trust Bank Limited (GTBank), to meet the Central Bank of Nigeria’s (CBN) revised minimum capital requirement for lenders with international licences.
In a filing with the Nigerian Exchange Limited and the London Stock Exchange on Friday, GTCO disclosed that the capital injection was completed through the issuance and allotment of 6,994,050,290 ordinary shares of 50 kobo each to the holding company under a rights issue arrangement.
The fresh funds have increased GTBank’s share capital from N138.19 billion to N504.04 billion, ensuring the bank is fully compliant with the CBN directive.
According to GTCO, the capital raise was executed under a two-phase equity capital raising programme approved by shareholders at the group’s 2024 Annual General Meeting and implemented with the necessary regulatory approvals.
Following the injection, GTCO maintains 100 per cent ownership of the bank and confirmed that no director of the holding company holds any direct or indirect interest in GTBank.
Erhi Obebeduo, Group General Counsel and Company Secretary, said the funds will be deployed to accelerate the bank’s expansion strategy.
“The equity capital will enable GTBank to expand its branch network, grow its asset base, strengthen information technology infrastructure, and capture emerging opportunities in Nigeria and other operating markets,” the statement read.
