Guaranty Trust Holding Company Plc (GTCO) says it has increased its investment in Guaranty Trust Bank Limited (GTBank).
In a notice to the Nigerian Exchange (NGX) on Friday, the company said it injected a fresh capital of N365.9 billion in the banking business.
GTCO said the funds were provided via the allotment of 6.99 billion ordinary shares of 50 kobo each, issued by GTBank to the holding company.
The company said the transaction was fully funded from the firm’s two-phased equity capital raising programme approved by shareholders at the 2024 annual general meeting (AGM) and cleared by regulators.
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“Following the Capital Injection, the Company continues to hold 100% of the entire issued and paid-up share capital of the Bank,” the company said.
“The Capital Injection was funded by the two-phased equity capital raising programme approved by the Company’s Shareholders at its 2024 Annual General Meeting and subsequently executed in line with the approvals obtained from the relevant regulatory authorities.”
“Through this Capital Injection, the share capital of GTBank has been increased from #138,186,703,485.78 to 504,037,107,058.45 and ensures the Bank’s compliance with the new minimum capital requirement for commercial banks with international authorisation stipulated by the Central Bank of Nigeria.”
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GTCO said the additional capital will be channelled into expanding GTBank’s branch network, growing its loan book and investment portfolio, and strengthening its information technology systems.
The holding company stressed that it remains the sole shareholder of GTBank, with none of its directors holding a direct or indirect stake in the bank.
On March 28, 2024, the CBN announced an upward review of the minimum capital requirements for commercial, merchant, and non-interest banks.
The regulator adjusted the capital base for commercial banks with international licences to N500 billion.
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All banks are required to meet the minimum capital base by March 31, 2026.
Earlier this year, GTCO had said it raised N209.41 billion through a public offer.
In July, the CBN said only eight banks had fully met their recapitalisation requirements.
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