Guaranty Trust Holding Company Plc (GTCO Plc) is in the market to raise up to N525 billion in new capital through a public offer.
The proceeds from this capital raise will supplement the capital needs of its flagship banking subsidiary, Guaranty Trust Bank, according to banking sources.
The capital will facilitate the enhancement of the Bank’s ability to book large ticket transactions, as the effect of naira devaluation has impacted single obligor limits for most banks and thus their ability to book and participate in large ticket transactions.
The value of the naira is down 70% against the dollar since June 2023. GTCO is expected to make an announcement on the capital raise anytime from now.
Guaranty Trust Holding Company Plc consists of other non-banking businesses, including payment, funds management, and pension funds management, in its ecosystem.
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