Guaranty Trust Holding Company Plc (GTCO), yesterday, said it planned to issue nine billion ordinary shares of 50 kobo at an offer price of N44.50 per share on the Nigerian Exchange Limited (NGX), even as the bank targets $1 billion in profit, according to The Guardian.
Speaking at the ‘Facts Behind the Offer Presentation’, the Group Managing Director, GTCO, Segun Agbaje, said the group was planning to raise capital before the Central Bank of Nigeria (CBN) announced the new minimum capital, stressing that naira depreciation has weakened the assets of banks.
He said the bank has resolved to become the first financial institution to reach a $1 billion in profit to deepen the market capitalisation, noting that the bank is not only raising capital because the central bank mandated banks to do so but added that the management was determined to stir the bank for transformational growth.
“We are going to grow the business in Nigeria and outside Nigeria. We are going to grow the non-banking businesses. We are going to improve our technology and when people ask me what my job description is today, I say I’m in the business of creating great customer experiences.
“It is impossible to do that without big technology. When we do food and drink, it is about our customer experience. When we do fashion, it is about our customer experience and when we do banking, it is about our customer experience and you cannot do that without the right technology platform,” he said.
On growth strategy going forward, Agbaje said GTCO plans to deepen its business, stressing that its exposure to critical sectors would be bigger and stronger. He expressed further that the GTCO would go into an acquisition with new capital, adding that the financial institution is going to change its core banking software across its region.
Group Chairman, NGX Group Plc, Umaru Kwairanga described GTCO as a beacon of excellence recognised as a leading issuer and one of Nigeria’s premier financial institutions in the market.
Kwairanga said that over the years, GTCO from its GTBank era to the HoldCo era has consistently demonstrated remarkable resilience, innovation, and leadership in the financial sector.
He assured that the NGX Group is committed to supporting GTCO and other financial institutions in their recapitalisation efforts. He added that the initiative will not only strengthen the bank’s capital base but also enhance investor confidence as well as contribute to the overall stability of the Nigerian financial system.
