By Joy Baba-Yesufu
Guaranty Trust Holding Company Plc (GTCO) has injected N365.9 billion into its banking subsidiary, Guaranty Trust Bank Limited (GTBank), to comply with the new minimum capital requirement set by the Central Bank of Nigeria (CBN) for commercial banks with international authorization.
In a regulatory filing with the Nigerian Exchange Limited (NGX) and the London Stock Exchange on Friday, the company disclosed that the capital injection was effected through the issue and allotment of 6,994,050,290 ordinary shares of 50 kobo each by GTBank to its holding company via a rights issue.
With this transaction, GTBank’s share capital rose from N138.19 billion to N504.04 billion, ensuring full compliance with the CBN’s revised capitalization framework.
GTCO explained that the injection was funded through its two-phased equity capital raising programme, which was approved by shareholders at the 2024 Annual General Meeting and executed with necessary regulatory approvals.
Following the transaction, the holding company confirmed that it retains 100 percent ownership of GTBank, while noting that none of its directors has any direct or indirect interest in the subsidiary.
According to the Group General Counsel and Company Secretary, Erhi Obebeduo, the fresh capital will be channelled into expanding GTBank’s branch network, growing its loan and investment portfolio, strengthening information technology infrastructure, and positioning the bank to seize emerging opportunities in Nigeria and across its international markets.
The milestone comes a day after GTCO became the first West African financial institution to have its shares listed on the London Stock Exchange.
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