GTCO Poised to List on the London Stock Exchange, Aims for $100M Equity Raise

Guaranty Trust Holding Company Plc (GTCO), the parent company of GTBank, is poised to list its ordinary shares on the London Stock Exchange (LSE), marking a historic first for a Nigerian bank. This move is part of GTCO’s plan to raise $100 million (about N154 billion) through a fully marketed equity offering aimed at supporting the recapitalisation of its Nigerian banking subsidiary, GTBank Nigeria, to meet the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion for international commercial banks.

The initial equity offering began on July 2, 2025, and was set to close on July 3, 2025. GTCO’s ordinary shares are scheduled to be admitted to trading on the LSE by 8:00 a.m. on July 9, 2025. This listing will replace GTCO’s existing Global Depositary Receipts (GDRs) on the LSE, with the company applying to cancel the GDR listing by July 31, 2025. Initially, the shares will trade under the ticker “GTHC” before switching to “GTCO” after the GDR cancellation is complete.

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GTCO’s decision to list on the London Stock Exchange is strategic. The $100 million equity raise is designed to bolster GTBank Nigeria’s capital base to comply with the CBN’s revised capital requirements, which came into effect between April 2024 and March 2026. The CBN increased the minimum capital for commercial banks with international licenses to N500 billion, prompting GTCO to undertake this capital raising exercise.

Segun Agbaje, GTCO’s Group Chief Executive Officer, described this development as a significant milestone in the company’s growth journey. He emphasized that the full listing on the LSE’s main market enhances GTCO’s global visibility and access to capital. This will not only support the company’s growth ambitions but also create new opportunities for its customers and markets across Africa. Agbaje highlighted that the capital raise reflects GTCO’s commitment to delivering sustainable value and driving innovation in the African financial sector.

This latest listing is the second tranche of GTCO’s phased equity capital raising program. The first tranche was completed in January 2025, when the company raised ₦209.41 billion from over 130,000 valid applications for more than 4.7 billion ordinary shares. The initial phase was balanced between institutional and retail investors, with strong interest from domestic retail investors.

GTCO’s financial performance has been outstanding, further strengthening investor confidence. In its 2024 financial results, the company reported a record profit after tax of N1.017 trillion, an 88.4% increase from the N539.6 billion posted in 2023. Gross earnings surged to N2.12 trillion, nearly doubling from the previous year. The pre-tax profit also rose significantly to N1.266 trillion, more than doubling the N609.3 billion recorded in 2023. These results represent the highest profits in the bank’s history and underscore its strong market position.

The $100 million equity raise through the London listing is being conducted via an accelerated bookbuild, a fast-track equity offering targeting qualified institutional investors mainly in the UK, US, and other international markets. Citigroup is managing the transaction as the sole global coordinator and bookrunner. GTCO aims for a free float of 99% of its shares following the listing, which will help increase liquidity and attract a broader investor base.

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By listing on the London Stock Exchange, GTCO is joining other Nigerian companies like Seplat Energy and Airtel Africa that have shifted to direct equity listings to enhance their global profile and access to capital. This move is expected to improve GTCO’s market visibility and trading volumes, positioning it well for future growth.

GTCO’s plan to list on the London Stock Exchange is a landmark event for Nigerian banking, as the group aims for a $100 million equity raise to meet new regulatory capital requirements and fuel its expansion. This strategic listing will enhance GTCO’s global presence, provide access to international capital markets, and support its continued leadership in Africa’s financial services industry. The listing is scheduled for July 9, 2025, and represents a key step in GTCO’s growth and innovation strategy.

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