GTCO increases the paid capital of GTBANK A N504BN

Caury Trust Holding Company Plc (GTCO) has increased its investments in Guarantey Trust Bank Ltd. (GTBANK) to N504 billion.

The bank revealed it in a statement on Thursday in Lagos.

The increase followed its subscription to the issue of the rights of GTBANK of 6,994,050.290 ordinary shares at 50 kobe each, of the value of N365.85 billion.

With this injection, GTBank’s paid share capital has increased from N138.19 billion to n504.04 billion.

The declaration states: “Guaranty Trust Holding Company PLC has announced that it has increased its investment in its bank branch entirely owned, guarantey trust bank limited (” GTBank “) to N504 billion

“This is through a subscription to the emission of rights for 6,994.050.290 ordinary shares of fifty kobo each made by GTBank for a total consideration of N365.850.403,572.67.

“This is the share capital paid by GTBANK by N138.186.703.485.78 to N504.037.107.058.45.”

The bank stated that the capital injection ensured respect for GTBANK with the new minimum capital requirement for commercial banks with international authorization stipulated by the central bank of Nigeria (CBN).

The capital injection was financed by the two -phase share capital collection program recently undertaken and concluded by GTCO PLC.

This is with an international offer completely marketed on the London Stock Exchange (LSE) which has obtained $ 105 million from high -quality institutional investors in exchange for 2.29 billion new ordinary actions.

This is making GTCO PLC the first institution of financial services in West Africa to a double list on both NGX and LSE.

Launched in July 2024, the GTCO share capital program began with a public offer to the Nigerians who collected N209.41 billion from 130,617 questions valid for 4.7 billion ordinary shares.

This has been completely assigned and uniformly divided between retail and institutional investors.

The bank also stated that the additional share capital would have been implemented by GTBANK mainly for the expansion of the branch network and the growth of activities (loans, progress and portfolio of investment securities).

He observed that he would also fortified his information technology infrastructure and exploit the emerging opportunities in Nigeria and the operational environments in which he maintains the bank presence.

Following the capital injection, the company continues to hold 100 % of the entire share capital issued and paid for the bank.

Tje Bank added that none of the company’s administrators had any interest, direct or indirect, in the bank.

Commenting on the recapitalization of Guaranty Trust Bank Ltd., Mr. Segun Agbaje, CEO of the GTCO PLC group, said: “The successful recapitalization of our flagship bank branch, Waranty Trust Bank Limited, marks a fundamental step in strengthening the foundations of our group.

“With a new guaranteed new capital and the CBN recapitalization directive for Guaranty Trust Bank now satisfied, we focus on the deepening of innovation and excellence of the service, offering improved performance and expanding our imprint through high growth markets, while supporting the standards that define the sector that define the GTCO brand.”