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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

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    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    • Economic Data
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    List of Dividends announced in 2025, qualification and payment dates

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Guaranty Trust Holding Company Plc set to raise ₦525bn capital through public offer

Tuesday, 12 March 2024, 7:59 am
in Business, Companies
0
Guaranty Trust Bank completes corporate re-organization, constitutes Board of Holding Company (GTCO)
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Guaranty Trust Holding Company Plc (NGX: GTCO) is set to raise ₦450 billion to ₦525 billion capital in the market through a public offering.

Also read; List of Dividends announced in 2024, qualification and payment dates

Business Day reported that GTCO is to make an announcement of the capital raise anytime from now, citing unnamed sources.

Industry insiders and market intelligence reports indicate that several banks are actively planning to boost their capital reserves, with some institutions already taking concrete steps to attract potential investors.

GTCO will use the proceeds from its capital raise to supplement the capital needs of its flagship banking subsidiary, Guaranty Trust Bank.

The capital will facilitate the enhancement of the Bank’s ability to book large ticket transactions, as the effect of devaluation has impacted single obligor limits for most banks and thus their ability to book and participate in large ticket transactions, Business Day reported.

Faced with prevailing macro economic factors, Nigerian banks are strategically positioning to shore up their capital through a dilutive or non dilutive approach.

About the company

Guaranty Trust Holding Company PLC is a company incorporated in Nigeria. The address of the Company’s registered office is Plot 635, Akin Adesola Street, Victoria Island, Lagos.

The Group is primarily involved in the provision of banking and other financial services to corporate and individual customers.

Guaranty Trust Holding Company PLC (GTCO PLC) commenced operations on August 1, 2021, after the transitioning of Guaranty Trust Bank PLC into a Financial Holding Company in accordance with the Central Bank of Nigeria (CBN)’s Guidelines for Licensing and Regulation of Financial Holding Companies in Nigeria on July 1, 2021.

The transition was sequel to receipt of shareholders’ approval in November 2020 by way of a scheme of arrangement which allows the Group to hold equity investments in non-core banking businesses under a subsidiary arrangement.

It is therefore expected that the restructuring would afford the Group greater strategic agility to harness opportunities across the financial services landscape while strengthening the Group’s resilience in the face of regulatory/consumer behaviour changes.

Under the terms of the approved scheme of arrangement, the Bank’s shareholders agreed to exchange their shares on a one-for-one basis for shares in Guaranty Trust Holding Company Plc (the Holding Company), and holders of Global Depositary Receipts (GDRs) representing shares issued by the Bank (the Bank GDRs) have agreed to exchange their GDRs on a one-for-one basis for GDRs representing shares issued by the Holding Company.

The Holding Company’s shares were admitted on the Official List of the Nigerian Exchange (NGX) on June 24, 2021 and the GDRs were admitted to trading on the main market of the London Stock Exchange on July 1, 2021.

Pursuant to the listings, the Bank was registered as a Limited Liability Company with the Corporate Affairs Commission (Nigeria) under the name Guaranty Trust Bank Limited.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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