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Guaranty Trust Holding Company Plc (GTCO) has announced its intention to raise approximately $100 million through a fully marketed equity offering on the London Stock Exchange (LSE). The move is a key component of the group’s broader capital optimisation strategy aimed at recapitalising its flagship banking subsidiary and bolstering international investor participation.
In a regulatory filing on the Nigerian Exchange Limited (NGX), the company disclosed that it is migrating from its existing Global Depositary Receipts (GDRs) to a full listing of ordinary shares on the LSE’s main market for listed securities. The transition is also in alignment with the Central Bank of Nigeria’s (CBN) revised minimum capital requirement of ₦500 billion for international commercial banks.
According to the announcement, the book-building period for the offering commenced on July 2, 2025, and is scheduled to close on July 3, 2025. Subject to successful completion, GTCO’s shares are expected to be admitted for trading on the LSE by July 9, 2025.
“This offering and transition mark a pivotal milestone in our journey as a pan-African financial institution,” said Segun Agbaje, Group Chief Executive Officer of GTCO. “It demonstrates our commitment to creating long-term value while positioning ourselves for sustainable growth in an increasingly competitive global marketplace.”
Strategic Deployment of Proceeds
The net proceeds of the capital raise will be channelled into recapitalising Guaranty Trust Bank Nigeria to comply with the CBN directive. Additional investments will focus on expanding the loan book across retail, SME, and institutional segments; enhancing the group’s IT infrastructure; scaling its branch footprint; and pursuing strategic acquisitions in asset management and pension fund administration.
The move to a full LSE listing is also expected to improve liquidity, boost international visibility, and facilitate more efficient future capital raising. The GDR programme is set to be cancelled by July 31, 2025 as the company completes the transition.
Upon admission to the LSE, GTCO shares will trade in U.S. dollars under the ticker symbol “GTHC”, with a subsequent plan to revert to the “GTCO” ticker. The group’s shares will continue to be listed and traded on the NGX in naira under the symbol “GTCO”.
Citigroup Global Markets Limited is serving as the sole global coordinator and bookrunner for the offering.
Strong Financial Momentum
GTCO enters this strategic phase with solid financial fundamentals. In the first quarter of 2025, the group reported a 61% year-on-year increase in profit after tax to ₦258 billion, excluding fair value gains. Return on average equity stood at an impressive 36.3%.
Key performance indicators also show resilience and growth:
- Loan book expanded by 15.5% to ₦3.2 trillion
- Customer deposits rose 8.6% to ₦11.3 trillion
- Non-performing loan ratio declined to 4.5%
- Loan coverage ratio strengthened to 146.9%
“We remain committed to disciplined execution, delivering excellence in customer service, and driving shareholder value as we embark on this next phase of our evolution,” the company said in a statement.
GTCO’s LSE listing marks another landmark in its innovation-driven legacy and positions the group to further leverage international capital markets in deepening its impact across Africa’s banking and financial services landscape.
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