Business
GTCO’s equity capital raise marks major milestone in operations — Agbaje
The Chief Executive Officer of Guranty Trust Holding Company Plc, Segun Agbaje, says the company’s equity capital raise through offer subscription marks a signifcant milestone in the bank’s strategic plan to pivot transfromational growth across the banking businesses in and outside Nigeria.
GTCO on Monday July 15, 2024 announced the opening of its offer subscription of 9,000,000,000 Ordinary Shares of 50 kobo each at N44.50 per Ordinary Share following the clearance of the Offer Prospectus and registration of the Offer Shares by the Securities and Exchange Commission, Nigeria.
Application list for the offer opens closes on Monday, August 12, 2024.
According to GTCO, net proceeds of the offer will be applied toward the recapitalisation of GTCO PLC’s principal banking subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria) as well as support Group-wide growth and expansion initiatives.
Reacting to the offer, Agbaje said, “Over the last three years, we have diversified the earnings of the Group beyond pure banking play, through the creation of a Payments subsidiary and selective acquisitions in the Funds Management and Pension Fund Administration sectors; delivering exceptional value to our stakeholders whilst also enriching the lives of people in every community where we operate”.
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“GTCO is the most capitalised Banking stock on the Nigerian Stock Exchange and has consistently outperformed its peers in terms of key profitability indicators and other financial metrics.
“Widely regarded as a first-rate financial institution, GTCO’s leadership in the Nigerian financial services industry and continuing efforts at empowering people and communities across Africa has earned it many prestigious awards over the years.
The GTCOPLC Group is one of the largest financial services institutions in Africa. Headquartered in Lagos, Nigeria, Guaranty Trust Holding Company Plc maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Within these regions, the operating entities provide a comprehensive range of commercial banking and related financial services to millions of retail, institutional, private banking and wealth management customers, in addition to asset management, pension fund administration and payment technology businesses.
