Guaranty Trust Holding Company Plc (GTCO) has announced plans to raise about $100 million through a fully marketed equity offering on the London Stock Exchange (LSE). This move is part of the group’s broader strategy to recapitalise its banking arm, Guaranty Trust Bank Nigeria, and attract more international investors.
The financial services group disclosed in a notice to the Nigerian Exchange Limited on Thursday that the offering began with a book-building process on July 2 and is expected to close on July 3, 2025. Subject to regulatory approval and market conditions, the group expects the shares to be admitted and commence trading on the LSE main market on July 9, 2025.
GTCO is transitioning from a Global Depositary Receipts (GDR) listing to a full listing of its ordinary shares on the LSE’s main market for listed securities. The decision to migrate to a full listing aligns with the group’s plans to meet the new minimum capital requirement of N500 billion recently introduced by the Central Bank of Nigeria for international commercial banks.
Segun Agbaje, Group Chief Executive Officer of GTCO, described the move as a major milestone in the group’s expansion journey. He said, “This offering and transition to a full listing on the Official List of the FCA and to trading of the company’s shares on the London Stock Exchange’s main market for listed securities represents a pivotal moment in GTCO’s growth story, reinforcing our position as a forward-thinking African financial services institution.”
He added that the development reflects GTCO’s culture of innovation and consistent delivery of value to its stakeholders.
According to the statement, proceeds from the equity sale will be used to recapitalise GTBank Nigeria, expand the loan book across retail, SME, and institutional banking segments, strengthen the group’s information technology systems, extend branch operations, and support strategic acquisitions in asset management and pension fund administration.
GTCO also stated that replacing its GDRs with ordinary shares on the LSE will help improve stock liquidity, increase its global investor visibility, and ease future capital-raising efforts. The GDR listing will be cancelled by July 31, 2025.
Upon listing, GTCO’s shares will be quoted in US dollars under the ticker “GTHC.” The company said it plans to eventually change the symbol to “GTCO,” which is also the symbol under which it continues to trade on the Nigerian Exchange in naira.
Citigroup Global Markets Limited is serving as the sole global coordinator and bookrunner for the LSE offering.
Meanwhile, GTCO recently posted strong results for the first quarter of 2025. The group reported a 61 percent year-on-year rise in profit after tax to N258 billion, excluding fair value gains. It also recorded a return on average equity of 36.3 percent during the period.
GTCO’s loan book grew by 15.5 percent to N3.2 trillion, while customer deposits increased by 8.6 percent to N11.3 trillion. In terms of asset quality, the group’s non-performing loan ratio improved to 4.5 percent, and its loan coverage ratio strengthened to 146.9 percent, indicating enhanced credit risk management.
The company reaffirmed its commitment to disciplined execution, innovation, and long-term value creation as it enters a new phase of growth supported by its capital-raising efforts and international expansion plans.
