Guaranty Trust Holding Company Plc (GTCO) has injected ₦365.85 billion into its banking subsidiary, Guaranty Trust Bank Limited (GTBank), raising the lender’s capital base to ₦504.04 billion in line with the Central Bank of Nigeria’s (CBN) recapitalisation directive.
In a filing with the Nigerian Exchange on Monday, GTCO said the funds were provided through the issue and allotment of 6.99 billion ordinary shares of 50 kobo each by GTBank to the parent company via a rights issue. GTCO retains full ownership of the bank.
The company said the fresh capital will support expansion of GTBank’s branch network, loan growth, investments, and IT infrastructure, while also enabling it to pursue new opportunities in its markets.
With the move, GTBank joins Access Bank and Zenith Bank as tier-1 lenders that have met the CBN’s new minimum capital requirement for banks with international authorisation.
GTCO’s shares closed at ₦92 on the Nigerian Exchange on August 29.
