GTCO London Stock Listing to replace GDRs as company plans $100m equity raise, boosting recapitalisation efforts and market presence by July 2025

London Stock Listing is set to mark a significant milestone in Guaranty Trust Holding Company Plc’s international expansion.

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The company has announced plans to raise approximately \$100 million via a fully marketed equity offering and list its ordinary shares directly on the London Stock Exchange’s Main Market.

In a corporate disclosure filed with the Nigerian Exchange and made available to investors on Thursday, GTCO confirmed that the offering commenced on July 2 and is expected to close on July 3, 2025.

The listing of its ordinary shares on the LSE is scheduled for 8:00 a.m. on July 9, 2025.

This transition will see the group cancel its Global Depositary Receipts (GDRs) from the Financial Conduct Authority’s Official List and the LSE’s Main Market.

In place of the GDRs, GTCO’s ordinary shares will be listed under the ticker “GTHC”, which will eventually be updated to “GTCO” by July 31, following the complete withdrawal of the GDR programme.

The move aligns with the company’s effort to recapitalise its banking subsidiary, GTBank Nigeria.

This is in response to the Central Bank of Nigeria’s directive requiring a minimum capital base of ₦500 billion for international commercial banks.

“The net proceeds of this offering will be used primarily for the further recapitalisation of GTBank Nigeria and are intended to be deployed in accordance with GTCO’s growth strategy,” the company’s statement read.

GTCO Group CEO, Segun Agbaje, described the development as a key moment in the group’s evolution.

He expressed confidence that the transition would improve investor confidence and market access.

This offering… represents a pivotal moment in GTCO’s growth story.

“This offering and transition to a full listing on the Official List of the FCA and to trading of the company’s shares on the London Stock Exchange’s main market for listed securities represents a pivotal moment in GTCO’s growth story, reinforcing our position as a forward-thinking African financial services institution,” Agbaje stated.

He added, “By enhancing our global visibility and access to capital, we are not just advancing our own ambitions but also unlocking transformative opportunities across the markets and customer segments we serve.”

In July 2024, GTCO had completed the first tranche of its capital raise, securing ₦209 billion.

The current offer forms the second phase of the group’s efforts to meet the CBN’s March 2026 deadline for full recapitalisation.

The company also shared its Q1 2025 financials, highlighting a profit after tax of ₦258 billion.

This represents a 61 percent year-on-year growth when adjusted for fair value gains. The robust performance was driven largely by strong core earnings.

Additionally, the non-performing loan (NPL) ratio improved from 5.2 percent at the end of 2024 to 4.5 percent in Q1 2025, indicating improved asset quality and prudent risk management.

Investors and analysts alike have welcomed the GTCO London Stock Listing move, seeing it as a strategic leap for the pan-African financial powerhouse.

Market watchers believe the listing will attract international capital and provide greater liquidity for GTCO shares.

The company’s increased global footprint also signals confidence in Nigerian banking’s potential on the world stage, particularly in the face of regulatory reform and tighter capital standards.

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As the July 9 listing date approaches, all eyes are on GTCO to see how the market responds to what is seen as one of the boldest moves by a Nigerian financial services group in recent years.