Guaranty Trust Holding Company Plc (GTCO) has announced a strategic capital injection into its wholly owned subsidiary, Guaranty Trust Bank Limited. The investment was executed through the issue and allotment of 6,994,050,290 ordinary shares of fifty kobo each by the Bank to the Company via a rights issue.
This capital injection was fully funded by the two-phased equity capital raising programme previously approved by the Company’s shareholders at its 2024 Annual General Meeting. With this significant financial move, GTCO ensures Guaranty Trust Bank’s compliance with the new minimum capital requirement for commercial banks with international authorisation as stipulated by the Central Bank of Nigeria.
Following the transaction, Guaranty Trust Holding Company Plc retains its 100% ownership of the entire issued and paid-up share capital of the Bank. The additional equity capital will be strategically deployed to bolster the Bank’s operations, with key focus areas including branch network expansion, asset growth, fortification of its information technology infrastructure, and leveraging emerging opportunities in Nigeria and other operational environments.
COURTESY: newswings
