Guaranty Trust Holding Company Plc (GTCO) has injected N365.9bn into its banking subsidiary, Guaranty Trust Bank Limited (GTBank), to meet the new minimum capital requirement set by the Central Bank of Nigeria (CBN) for commercial banks with international authorisation.
In a statement filed with the Nigerian Exchange Limited and the London Stock Exchange on Friday, GTCO said the capital injection was executed through the issue and allotment of 6,994,050,290 ordinary shares of 50 kobo each by the bank to the holding company via a rights issue.
With this development, GTBank’s share capital rose from N138.18bn to N504.04bn, ensuring compliance with the CBN directive.
The transaction was funded through the two-phased equity capital raising programme approved by GTCO shareholders at the 2024 Annual General Meeting and carried out with regulatory approval. GTCO confirmed that it continues to hold 100 per cent of GTBank’s issued and paid-up share capital.
According to the statement signed by the Group General Counsel and Company Secretary, Erhi Obebeduo, the additional funds will be channelled into branch network expansion, asset growth, strengthening of IT infrastructure, and tapping into new opportunities in Nigeria and other operating markets.
The company also noted that none of its directors has any direct or indirect interest in the transaction.
Meanwhile, GTCO recently became the first West African financial institution to have its shares listed on the London Stock Exchange.