Guaranty Trust Holding Company Plc (GTCO), one of Nigeria’s biggest banking groups, has announced the launch of a fully marketed offering of its ordinary shares on the London Stock Exchange (LSE) to raise about $100 million.
In a statement on Thursday, the lender said it plans to delist its existing global depositary receipts (GDRs) from the UK Financial Conduct Authority’s official list and trading on the LSE’s main market. Instead, GTCO will seek admission of its ordinary shares to the FCA’s equity shares (international commercial companies secondary listing) segment on the same market.
If the offering succeeds, GTCO will become one of the few Nigerian financial institutions with ordinary shares listed on both the Lagos and London bourses, signaling a new phase in its global expansion strategy.
The book-building for the offering opened on July 2 and is scheduled to close on July 3.
“This offering and transition to a full listing on the LSE marks a pivotal moment in GTCO’s growth story,” said Segun Agbaje, GTCO’s group CEO. “It reinforces our position as a forward-thinking African financial services institution and builds on our tradition of firsts and innovation.”
The bank’s shares will trade under the ticker symbol “GTHC” on the LSE, replacing the GDRs. Its shares will also continue trading on the Nigerian Exchange under the “GTCO” symbol. Shareholders currently holding GDRs will have the option to convert them into ordinary shares, which are tradable on either the LSE or NGX.
Citigroup Global Markets Limited is acting as the sole global coordinator and bookrunner for the offering.
Strong fundamentals ahead of offering
GTCO enters the offering on solid financial footing. According to the group’s latest financial statement, it reported a profit of $168.2 million (₦258 billion) in the first quarter of 2025, a 61% year-on-year increase.
The group’s total loan portfolio expanded by 15.5% to $2.08 billion (₦3.2 trillion), while customer deposits rose 8.6% to $7.36 billion (₦11.3 trillion). Its capital adequacy ratio stood at 39.3%, placing it among the most capitalised banks in Nigeria.
Global ratings agencies S&P and Fitch have maintained positive outlooks on GTCO’s foreign currency credit ratings, reinforcing its credibility in international markets.
A strategic shift to boost liquidity and visibility
GDRs are commonly used by emerging market firms to gain access to foreign capital, but they typically suffer from lower liquidity and limited investor participation compared to full share listings. By transitioning to a direct listing on the LSE, GTCO aims to attract a broader pool of global investors, improve trading liquidity, and enhance its visibility in key international markets.
The timing of the move is also strategic. Nigerian banks have until March 2026 to meet the Central Bank of Nigeria’s new minimum capital requirement of ₦500 billion ( $326 million) for international banks.
The $100 million raise is expected to build on the ₦209 billion ($136.3 million) GTCO secured earlier this year in the first tranche of its recapitalisation programme. Combined, the two rounds bring the group’s total raise to around $236.4 million (₦359 billion), leaving a shortfall of about $89.4 million (₦141 billion) to meet the regulatory threshold.
GTCO, formerly known as Guaranty Trust Bank, is the parent company of GTBank and has expanded its presence across 10 countries in Africa and the UK. The group is also active in asset management, pension fund administration, and payment services.
The figures were originally reported in Naira, and have been converted using $1 = ₦1,533 as of July 3, 2025.
