Big banks stacking cash: GTCO just got the green light from CBN and SEC to pocket N10 billion through a private share placement—right on the heels of smashing new capital rules.
The holding company announced Tuesday it’s issuing 125 million ordinary shares at N80 each in a “best efforts” deal, closing December 31 (pending final nods). This follows their May 2024 AGM resolution greenlighting up to $750 million via shares, bonds, or whatever works—via private placement, rights issue, or public float.
GTCO’s banking arm Guaranty Trust Bank already hit N504 billion capital back in August, exceeding CBN’s international bank minimum. “This N10bn tops up our Financial Holding Company capital per FHC guidelines,” they explained—pure strategy to stay ahead.
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