Guaranty Trust Holding Company (GTCO) has increased its investment in its wholly owned subsidiary Guaranty Trust Bank Limited (GTBank) by injecting new capital to the tune of N365.85 billion.
The share capital of GTBank has been increased to N504 billion from N138.18 billion, through this Capital Injection and ensures the Bank’s compliance with the new minimum capital requirement for commercial banks with international authorisation as stipulated by the Central Bank of Nigeria (CBN).
This was done through the issue and allotment of 6.99 billion ordinary shares made by the Bank to the Company by way of a rights issue.
Following the capital injection, the Company continues to hold 100% of the entire issued and paid-up share capital of the Bank. None of the Directors of the Company has any interest, direct or indirect, in the Bank, according to GTCO in a financial disclosure on the NGX.
The Capital injection was funded by the two-phased equity capital raise programme approved by the Company’s Shareholders at its 2024 Annual General meeting and subsequently executed in line with the approvals obtained from the regulators.
GTCO said 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.
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