Guaranty Trust Holding Company Plc has announced plans to raise approximately $100m through a fully marketed equity offering on the London Stock Exchange as part of its broader strategy to recapitalise its banking subsidiary and expand international investor participation.
The company disclosed that it is transitioning from its Global Depositary Receipts listing to a full listing of its ordinary shares on the London Stock Exchange’s main market for listed securities. The move also aligns with its efforts to meet the Central Bank of Nigeria’s new minimum capital requirement of N500bn for international commercial banks.
According to a statement by the group on the Nigeria Exchange Limited on Thursday, the book-building period for the offering commenced on July 2 and is expected to close on July 3, 2025. Upon successful completion, admission and trading of the shares are expected to commence on July 9, 2025.
“This offering and transition to a full listing on the Official List of the FCA and to trading of the company’s shares on the London Stock Exchange’s main market for listed securities represents a pivotal moment in GTCO’s growth story, reinforcing our position as a forward-thinking African financial services institution,” said Segun Agbaje, Group Chief Executive Officer of GTCO.
“This move builds on our tradition of many firsts and innovation, as we continue to create exceptional value for our shareholders, customers, and broader stakeholders,” Agbaje added.
The net proceeds of the offering will be primarily deployed towards recapitalising Guaranty Trust Bank Nigeria to meet the CBN’s recapitalisation directive, growing its loan portfolio across retail, SME, and institutional banking, strengthening its IT infrastructure, expanding its branch network, and pursuing strategic acquisitions in asset management and pension fund administration.
GTCO noted that the transition from GDRs to ordinary shares on the LSE is also aimed at boosting liquidity, enhancing global visibility, and making it easier for the company to raise capital internationally in the future. The GDR listing is expected to be cancelled by July 31, 2025.
The group’s shares will be quoted in USD under the ticker “GTHC” upon admission, with plans to eventually change the symbol to “GTCO”. Shares will remain quoted and traded on the Nigerian Exchange Limited in naira under the symbol “GTCO”.
Citigroup Global Markets Limited is acting as the sole global coordinator and bookrunner for the offering.
GTCO also reported strong financial performance in the first quarter of 2025, with profit after tax rising by 61 per cent year-on-year to N258bn, excluding fair value gains. The group posted a return on average equity of 36.3 per cent during the period.
Its loan book grew by 15.5 per cent to N3.2 tn, while customer deposits rose by 8.6 per cent to N11.3 tn. Asset quality also improved, with the group’s non-performing loan ratio declining to 4.5 per cent and its loan coverage ratio strengthening to 146.9 per cent.
GTCO said it remains committed to disciplined execution, customer service excellence, and shareholder value creation as it enters this new phase of growth.
