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Olori Uwem

Member
Mar 18, 2024
194
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18
GTCO PLANS N400BN CAPITAL RAISE

Guaranty Trust Bank Plc (GTCO) announced plans to raise N400.5 billion by issuing 9 billion shares at N44.5 per share. This move aims to support the bank's expansion and innovation strategies.

The announcement was made by GTCO's Managing Director, Segun Agbaje, during a 'Facts Behind the Offer Presentation' in Lagos. The proposal awaits regulatory approval and to commence first week in August.

Agbaje emphasized that the raised capital will be used to increase working capital and expand the bank both domestically and internationally. He highlighted the bank's long-term vision and the goal to establish a $1 billion profit track record.

Tony Ibeziako, Head of Primary Market at NGX, noted the importance of this recapitalization effort for the banking sector and Nigeria's economic growth. NGX Group Chairman, Umaru Kwairanga, assured a seamless process for GTCO and its shareholders.