3rd Jul 2025 11:16
(Alliance News) - Guaranty Trust Holding Co PLC on Thursday detailed plans to raise around USD100 million through listing on London's main market, as it seeks to enhance its global visibility and support recapitalisation efforts in light of new requirements by the Central Bank of Nigeria.
The Lagos, Nigeria-based banking franchise said it is today launching an offering of new ordinary shares, aiming to raise around USD100 million, with the shares to be listed on the London Stock Exchange's main market.
Details of the offer price were not disclosed by Guaranty Trust Holding, but it said the shares are on offer to specific institutional and other investors in the UK, US and elsewhere. It added that pricing details will be shared following the close of the bookbuild.
Discussing the listing rationale, Guaranty Trust Holding noted the CBN's review of minimum capital requirements for commercial, merchant and non-interest banks in Nigeria which detailed minimum capital requirements of NGN500 billion, about USD327.2 million, by March 31 next year.
To comply with this requirement which applies to its subsidiary, GTBank Nigeria, Guaranty Trust Holding raised NGN209 billion in July last year, with it noting that the net proceeds of the London offering will be used to fulfil the requirements.
"The net proceeds of this offering will be used primarily for the further recapitalisation of GTBank Nigeria and are intended to be deployed in accordance with GTCO's growth strategy," said the company.
It expects admission to London's main market to take place on Wednesday next week, with Citigroup acting as the bookrunner for the offering.
Guaranty Trust Holding added that it has applied for the cancellation of its existing listing of global depositary receipts on the LSE, with this anticipated to complete by July 31.
Guaranty Trust Holding noted that its loan book grew to NGN3.22 trillion in the first quarter that ended March 31, up 16% from NGN2.79 trillion at December 31, with this fulled by growth in corporate and public sector lending.
Chief Executive Segun Agbaje said: "This offering and transition to a full listing on the Official List of the FCA and to trading of the company's shares on the London Stock Exchange's main market for listed securities represents a pivotal moment in GTCO's growth story, reinforcing our position as a forward-thinking African Financial Services Institution."
"Our consistent track record of strong performance, underpinned by disciplined execution and a relentless focus on customer excellence, gives us confidence as we embark on this next phase of growth. By enhancing our global visibility and access to capital, we are not just advancing our own ambitions but also unlocking transformative opportunities across the markets and customer segments we serve."
By Christopher Ward, Alliance News reporter
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