Guaranty Trust Holding Company Plc (GTCO) plans to list on the London Stock Exchange (LSE), joining other Nigerian companies on the global bourse.
The London listing will make GTCO the first lender from Nigeria joining the likes of Seplat Energy Plc and Airtel Africa Plc.
This listing by GTCO follows its $100 million share sale to recapitalise its banking subsidiary, in line with the Central Bank of Nigeria’s (CBN) directive.
The Central Bank of Nigeria wants all banks with international banking licenses to raise their equity capital to a minimum of 500 billion naira ($327 million) by March 2026.
GTBank in 2007 raised $750 million through the issue of global depository receipts, which the company will now cancel and de-list, according to the statement.
The bank sought shareholder approval in December to raise $750 million through an offering of ordinary or preference shares, convertible and non-convertible notes, bonds or any other instruments to be determined by its board. In January, it announced the completion of N209 billion capital raise, which it said was the first phase of a funding exercise.
GTBank plans to deploy the extra funds from the offer for growth and expansion through acquisitions in the pension-fund administration and asset-management industries over the next two years.
