GTBank's capital has been boosted to a staggering N504 Billion by GTCO.

In a significant move, GTCO Plc, one of Africa's leading financial services institutions, has successfully concluded a two-phased equity capital raising program. This program secured $105 million from high-quality, long-term institutional investors in exchange for 2.29 billion new ordinary shares.

The capital injection marks a crucial step in strengthening the foundation of the Group, as stated by Segun Agbaje, Group Chief Executive Officer of GTCO Plc. This recapitalisation ensures GTBank's compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the Central Bank of Nigeria (CBN).

The equity capital program began with a public offering to Nigerians, raising an impressive N209.41 billion. The remaining funds were raised from institutional investors. The investment was made through a rights issue subscription for 6,994,050,290 ordinary shares.

GTCO Plc, with this move, becomes the first financial services institution in West Africa to dual list on both the Nigerian Exchange (NGX) and the London Stock Exchange (LSE). This strategic move underscores the company's commitment to expanding its footprint and providing superior value to its shareholders.

As a result of this capital injection, GTBank's paid-up share capital has been increased from N138,186,703,485.78 to N504,037,107,058.45. 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.

GTBank will deploy the additional equity capital primarily for branch network expansion, asset growth, fortification of its information technology infrastructure, and leveraging opportunities in Nigeria and its operating environments.

GTCO Plc, operating across banking, payments, asset management, and pension administration in eleven countries, including Nigeria, the UK, and key African markets, continues to demonstrate its resilience and commitment to growth. The successful completion of this equity capital raising program is a testament to the confidence investors have in the company's strategic direction and future prospects.

In conclusion, the recapitalisation of Guaranty Trust Bank Ltd by GTCO Plc signifies a pivotal step in the growth and development of one of Africa's leading financial institutions. The company's strategic moves, such as the dual listing and the equity capital raising program, position it well for continued success in the dynamic African financial services landscape.