Guaranty Trust Holding Company Plc, GTCO, has announced a capital injection of N365.85bn into its wholly owned subsidiary, Guaranty Trust Bank Limited.
The investment was executed through the issuance and allotment of 6,994,050,290 ordinary shares of 50 kobo each by the Bank to the holding company by way of Rights Issue.
Following the transaction, GTCO retains 100% ownership of the Bank’s issued and paid-up share capital. The company also confirmed that none of its directors has any direct or indirect interest in the Bank.
The Capital Injection was funded by the two-phased equity capital raising programme approved by the Company’s Shareholders at its 2024 Annual General Meeting (AGM) and subsequently executed in line with the approvals obtained from the relevant regulatory authorities.
Through this Capital Injection, the share capital of GTBank has increased from N138,186,703,485.78 to N504,037,107,058.45, ensuring the Bank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the Central Bank of Nigeria (CBN).
The additional equity capital will be deployed by GTBank primarily for branch network expansion and asset growth (loans/advances and investment securities portfolio), fortification of its information technology infrastructure, and to leverage emerging opportunities in Nigeria and the operating environments where it maintains banking presence.