Guaranty Trust Holding Company Plc (GTCO) has launched a fully marketed equity offering aimed at raising approximately US$100 million as the Group moves to cancel its Global Depositary Receipts (GDRs) listing and transition to a full ordinary share listing on the London Stock Exchange’s (LSE) Main Market for Listed Securities.
In a corporate announcement on Tuesday, GTCO disclosed that the equity raise will support the recapitalisation of its flagship banking subsidiary, Guaranty Trust Bank Nigeria, in line with new capital requirements set by the Central Bank of Nigeria (CBN). The offering will also enhance the Group’s capacity to deliver on its growth strategy across core banking and non-banking verticals.
The book-building period for the offering opened on July 2 and is expected to close on July 3, 2025. Admission and commencement of trading in the new ordinary shares on the LSE Main Market are expected at 8:00 a.m. on July 9, 2025.
New Phase of Growth
GTCO’s Group Chief Executive Officer, Mr. Segun Agbaje, described the dual move — raising new equity capital while shifting from GDRs to a direct listing — as a defining milestone in the Group’s evolution.
“This Offering and transition to a full listing on the Official List of the FCA and trading on the LSE’s main market represent a pivotal moment in GTCO’s growth story. It reinforces our position as a forward-thinking African financial services institution. By enhancing our global visibility and access to capital, we are unlocking transformative opportunities across the markets and customer segments we serve,” Agbaje said.
GTCO noted that the Offering proceeds will primarily be deployed for the further recapitalisation of GTBank Nigeria, as mandated by the CBN’s new minimum capital circular issued in March 2024. Under the regulation, Nigerian international banks must maintain a minimum capital base of at least ₦500 billion by March 2026.
The Company previously completed the first tranche of its equity capital programme in July 2024, raising ₦209 billion.
The fresh Offering will help GTCO scale its loan portfolio for retail, SME and institutional banking segments, strengthen its digital infrastructure, expand branch networks, and pursue selective acquisitions in asset management and pension fund administration.
Robust Fundamentals
GTCO continues to rank among Nigeria’s top-tier financial services groups, backed by solid operating and financial performance.
For the first quarter of 2025, the Group reported a return on average equity (RoAE) of 36.3% with a decade-long average RoAE of 30.6%. Cost-to-income ratio remains competitive at 29% in Q1 2025 while the capital adequacy ratio stood at a robust 39.3% at FY24.
The Group’s diversified business model extends beyond core banking to include payments, asset management and pension fund services — all of which are expected to serve as growth catalysts in the medium term.
Recent upgrades by international ratings agencies, including Fitch’s B rating with Stable Outlook in April 2025, continue to affirm GTCO’s strong market positioning and capital buffers.
GTCO’s non-performing loan (NPL) ratio improved to 4.5% as of Q1 2025, down from 5.2% at year-end 2024, with a total loan coverage ratio of 146.9%.
Its balance sheet remains well-funded, underpinned by an 88.9% CASA (current and savings accounts) deposit mix, giving the bank a structurally low cost of funding.
Admission Timeline
With the GDR listing now set for cancellation, all GTCO ordinary shares will move to the equity shares (international commercial companies secondary listing) category on the FCA’s Official List and commence trading on the LSE’s main market.
Shares will be offered to select institutional investors in the UK and globally, including qualified institutional buyers in the United States in accordance with applicable securities laws.
GTCO has appointed Citigroup Global Markets Limited as Sole Global Coordinator and Sole Bookrunner for the Offering. The Company and its Executive Directors will enter into customary lock-up arrangements in line with market best practice.
The Group has not made any arrangement for dealing in the new shares prior to Admission. Final offer pricing, allocations, and the total number of new shares will be confirmed once the book-building closes.
Positioned for Long-Term Value
With a seasoned management team, strong governance structure, and clear capital deployment strategy, GTCO says it is positioned to sustain its track record of value creation for shareholders and stakeholders alike.
The move underscores GTCO’s ambitions to enhance its profile with the global investment community and leverage international capital markets to support organic and inorganic growth.
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