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GTBank begins process to raise $750 million

April 13, 2024
in Technology
GTBank begins process to raise $750 million
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Guaranty Trust Holding Company, the parent company of GTBank, Nigeria’s 5th biggest bank by assets, will seek shareholder approval to raise $750 million in additional capital weeks after the Central Bank raised minimum capital requirements tenfold for the country’s biggest banks. 

GTbank will raise new capital by issuing new ordinary shares, preference shares, convertible notes, bonds and other instruments.

Raising additional capital will give major banks a buffer against external and domestic shocks, and enhance the stability of the financial system. It will also help President Tinubu achieve his goal of a trillion-dollar economy by 2030. 

When concluded, the injection of new capital will significantly dilute the shares of existing shareholders. At the time of this report, GTCO was trading at N41.40, down 4% since the company gave notice of an annual general meeting on Friday.

For some bank chief executives, it will be their second run at raising capital following rule changes. In 2005, the CBN raised the minimum capital requirement from ₦2 billion to ₦25 billion. It triggered a wave of mergers and acquisitions and reduced the number of banks from 89 to 25.

It is likely there will also be mergers and acquisitions before the 24-month timeline for the new capital requirements to take effect. 

At least three of Nigeria’s five biggest banks have announced plans to raise capital in the last two weeks. 

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