Guaranty Trust Holding Plc (GTCO) is intending to seek shareholder approval next month to raise up to $750 million in capital.
This initiative aligns with the efforts of other banks to bolster capital reserves in order to meet new regulatory targets.
The Central Bank of Nigeria last month announced minimum capital requirements for banks to strengthen the country’s financial system and enable lenders to play a bigger role in boosting economic growth.
According to Reuters News, Guaranty Trust Holding Plc, which owns Guaranty Trust Bank, one of Nigeria’s top tier lenders, said on Friday it would ask shareholders for permission to raise the funds at a meeting set for May 9, 2024.
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