GTCO to list on London stock exchange, seeks $100m for recapitalisation

Guaranty Trust Holding Company Plc (GTCO) is set to list its shares on the London Stock Exchange, having revealed plans to raise approximately $100 million through a fully marketed equity offering and transition from its current Global Depositary Receipts (GDRs) structure.

According to a disclosure sent to the Nigerian Exchange Limited (NGX) on Thursday, the offering commenced on July 2 and is expected to close on July 3, 2025. The admission of GTCO’s ordinary shares to the London Stock Exchange is scheduled for 8:00 a.m. on July 9, 2025.

GTCO noted that, in line with this move, it has applied to cancel the listing of its GDRs on the FCA’s Official List and the London Stock Exchange’s Main Market. The company will instead list its ordinary shares directly on the LSE under the ticker symbol “GTHC,” which will later be changed to “GTCO” following the cancellation of the GDRs by July 31, 2025.

The group explained that the offering would support the recapitalisation of its banking subsidiary, GTBank Nigeria, in line with the Central Bank of Nigeria’s new minimum capital requirement of ₦500 billion for international commercial banks.

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“The net proceeds of this offering will be used primarily for the further recapitalisation of GTBank Nigeria and are intended to be deployed in accordance with GTCO’s growth strategy,” the company stated.

According to the Group Chief Executive Officer of GTCO, Segun Agbaje, the development marks a defining moment in the company’s growth trajectory.

“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,” Agbaje said.

He added, “By enhancing our global visibility and access to capital, we are not just advancing our own ambitions but also unlocking transformative opportunities across the markets and customer segments we serve.”

In July 2024, GTCO completed the first tranche of its capital raise, securing ₦209 billion. The current offering represents the second tranche aimed at meeting the CBN’s March 2026 deadline.

GTCO also disclosed that it delivered a profit after tax of ₦258 billion in the first quarter of 2025, representing a 61 per cent year-on-year growth (excluding fair value gains), driven by strong core earnings. The bank’s non-performing loan ratio improved to 4.5 per cent during the period under review, down from 5.2 per cent at the end of 2024.

NIGERIAN TRIBUNE