Guaranty Trust Holding Co. to Raise $100M through London Listing

Guaranty Trust Holding Co. PLC, a leading Nigerian banking franchise, is poised to enhance its global visibility and support recapitalisation efforts by listing on London's main market. The company aims to raise approximately $100 million through the offering of new ordinary shares, with the net proceeds to be used primarily for the further recapitalisation of its subsidiary, GTBank Nigeria. The listing comes as the Central Bank of Nigeria reviews minimum capital requirements for commercial and merchant banks, with GTBank Nigeria required to meet the new standards by March 31 next year.

Key Takeaways:

• Guaranty Trust Holding Co. PLC plans to raise approximately $100 million through an offering of new ordinary shares on London's main market.
• The net proceeds of the offering will be used primarily for the further recapitalisation of GTBank Nigeria to meet the Central Bank of Nigeria's minimum capital requirement of NGN500 billion (approximately $327.2 million) by March 31 next year.
• The company's loan book grew to NGN3.22 trillion in the first quarter that ended March 31, a 16% increase from NGN2.79 trillion at December 31.
• CIT Group Inc. will act as the bookrunner for the offering.
• The company has applied for the cancellation of its existing listing of global depositary receipts on the London Stock Exchange and expects the admission to London's main market to take place on Wednesday next week.

Statistics:

• $100 million: The amount Guaranty Trust Holding Co. PLC aims to raise through the listing on London's main market.
• NGN500 billion: The minimum capital requirement for commercial and merchant banks in Nigeria by March 31 next year.
• 16%: The increase in the company's loan book from NGN2.79 trillion at December 31 to NGN3.22 trillion at March 31.
• $327.2 million: The equivalent value of NGN500 billion in US dollars.
• March 31 next year: The deadline for GTBank Nigeria to meet the Central Bank of Nigeria's minimum capital requirement.
• Wednesday next week: The expected date for the admission to London's main market.
• NGN3.22 trillion: The loan book of Guaranty Trust Holding Co. PLC as of March 31.

Sources:

• (Alliance News) - Guaranty Trust Holding Co PLC on Thursday detailed plans to raise around USD100 million through listing on London's main market, as it seeks to enhance its global visibility and support recapitalisation efforts in light of new requirements by the Central Bank of Nigeria.
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