Guaranty Trust Holding Company Plc (GTCO) is set to raise approximately $100 million through a fully marketed equity offering on the London Stock Exchange (LSE), marking a major milestone in its international expansion and recapitalisation strategy. The move is part of the company’s broader efforts to bolster its capital base in line with the Central Bank of Nigeria’s (CBN) new N500 billion minimum capital requirement for international commercial banks.
According to a corporate disclosure filed with the Nigerian Exchange Limited (NGX) on Thursday, GTCO is transitioning from its Global Depositary Receipts (GDRs) listing to a full listing of its ordinary shares on the LSE’s Main Market for listed securities. The book-building process commenced on July 2 and is expected to close by July 3, with trading scheduled to begin on July 9, 2025.
Speaking on the development, GTCO’s Group Chief Executive Officer, Segun Agbaje, described the listing and equity raise as “a pivotal moment” in the bank’s growth trajectory. “This move builds on our tradition of many firsts and innovation, as we continue to create exceptional value for our shareholders, customers, and broader stakeholders,” Agbaje stated.
GTCO said the net proceeds from the offering will be deployed towards recapitalising its Nigerian banking subsidiary to comply with the CBN’s recapitalisation directive. Additional focus areas include expanding the group’s loan portfolio—particularly in the retail, SME, and institutional segments—upgrading IT infrastructure, growing its branch network, and executing strategic acquisitions, especially in asset management and pension fund administration.
By transitioning to a full ordinary share listing on the LSE, GTCO also aims to deepen its global investor base, enhance share liquidity, and increase capital-raising flexibility. The company’s ordinary shares will be listed under the ticker “GTHC,” with plans to eventually revert to its well-known symbol, “GTCO.” Meanwhile, the bank’s shares will continue to trade on the Nigerian Exchange in naira.
Citigroup Global Markets Limited is acting as the sole global coordinator and bookrunner for the international offering.
GTCO enters the international capital market with strong fundamentals. For the first quarter of 2025, the group reported a 61% year-on-year increase in profit after tax to N258 billion, excluding fair value gains. Return on average equity stood at an impressive 36.3%, reflecting operational efficiency and profitability.
The bank’s total loan portfolio rose by 15.5% to N3.2 trillion, while customer deposits increased by 8.6% to N11.3 trillion. Asset quality also showed improvement, with the non-performing loan (NPL) ratio declining to 4.5% and loan coverage ratio strengthening to 146.9%.
Industry analysts say GTCO’s decision to raise capital on the LSE signals growing investor confidence in Nigerian banking reforms and GTCO’s sound governance model. “This listing positions GTCO for greater capital inflows and international recognition, especially at a time when the CBN is pushing for stronger capital buffers in the banking sector,” said Victor Olumide, a capital market analyst at Meristem Securities.
The move comes on the heels of the CBN’s recapitalisation directive issued in March 2024, which requires commercial banks with international licenses to shore up their minimum capital to N500 billion by March 2026. The directive is part of efforts to strengthen the banking sector’s resilience, improve credit access, and support Nigeria’s vision of building a $1 trillion economy.
GTCO is the first Tier-1 financial institution to approach the LSE for capital raise in response to the CBN mandate, setting a precedent that may see other banks follow suit. Analysts believe that Nigeria’s top banks will need to explore both domestic and foreign capital markets to meet the ambitious recapitalisation targets without diluting shareholder value.
The equity raise and LSE listing also come amid a positive market environment. Despite global headwinds, Nigerian equities have seen increased investor interest following far-reaching economic reforms, including FX liberalisation, subsidy removal, and tighter monetary policies.
GTCO’s planned $100 million equity raise on the London Stock Exchange marks a strategic leap for the bank, as it seeks to deepen investor confidence, diversify its capital base, and meet regulatory expectations. The move reinforces GTCO’s positioning as a leader in Nigeria’s financial services industry and underlines its commitment to innovation, resilience, and value creation.
As the CBN’s recapitalisation deadline approaches, GTCO’s bold step could serve as a benchmark for other banks looking to scale operations and attract foreign investment in a post-reform Nigerian economy.