Guaranty Trust Holding Company Plc (GTCO), one of Nigeria’s leading financial institutions, is on the cusp of a groundbreaking financial maneuver as it prepares to list its ordinary shares directly on the London Stock Exchange (LSE). This move marks a significant milestone not only for the bank but also for the broader Nigerian and African banking landscape, as it becomes the first Nigerian banking group to have its entire ordinary share capital listed on one of the world’s most prestigious stock exchanges.
The transition is strategic. GTCO is shifting from its current Global Depositary Receipts (GDRs) structure an arrangement that allowed it to offer shares to international institutional investors to a more open and liquid format through ordinary shares. While GDRs have served institutional needs for over a decade, they have come with inherent limitations, especially in terms of market accessibility and trading volume. GTCO’s board believes that this transition will democratize access to its shares, broaden investor participation, and improve trading liquidity significantly.
This decision comes at a pivotal moment. The Central Bank of Nigeria (CBN) recently issued a directive mandating that all banks with international licenses must raise their minimum capital base to ₦500 billion by March 2026. As a response, GTCO has initiated a capital-raising effort by offering up to 2.29 billion new ordinary shares at a price of ₦70 per share (approximately $0.0459). This effort is expected to raise over $105 million, part of which will be used to recapitalize its banking subsidiary, GTBank Nigeria.
The offer was conducted via an accelerated bookbuild, which opened on July 2, 2025, and closed the following day, July 3. This method allowed GTCO to rapidly secure capital from a targeted pool of institutional investors across Nigeria, the United Kingdom, and the United States. The response was robust, signaling investor confidence in GTCO’s fundamentals and its long-term strategy. Upon successful completion, the total number of issued shares will rise to approximately 36.43 billion.
The listing of GTCO’s ordinary shares is scheduled to begin on the London Stock Exchange’s Main Market on July 9, 2025, under the temporary ticker symbol “GTHC.” Following the cancellation of the GDR program and completion of all regulatory formalities, the ticker will change to “GTCO” by the end of July. In addition, existing GDR holders will have until July 23 to exchange their GDRs for Depositary Interests, ensuring a smooth transition to the new share structure.
The implications of this move are far-reaching. First, it positions GTCO for greater international visibility and credibility. Listing on the LSE exposes the bank to a broader pool of global investors, increasing the company’s valuation potential and enhancing its reputation among foreign institutional and retail players. Second, this move aligns GTCO with global governance and reporting standards, raising the bar for transparency, compliance, and investor relations.
Financially, GTCO has demonstrated strength and stability. In the first quarter of 2025, the group recorded a robust 16% expansion in its loan portfolio, a return on average equity of approximately 36%, and an impressively low cost-to-income ratio of 29%. Its business diversification into pensions, payments, and asset management also underscores its long-term growth strategy beyond traditional banking.
However, the road to London has not been without its challenges. In previous years, GTCO’s UK operations were flagged by the UK’s Financial Conduct Authority (FCA) for compliance lapses. Though no findings of money laundering were made, the company faced penalties and reputational scrutiny. This listing provides an opportunity for GTCO to reframe its narrative and demonstrate a renewed commitment to global best practices.
More broadly, GTCO’s London listing could serve as a trailblazer for other Nigerian and African financial institutions looking to raise capital globally. As domestic economies become increasingly integrated into global markets, the ability to attract and manage foreign investment becomes a critical competitive advantage. By taking this bold step, GTCO is signaling not only its readiness to operate on a global stage but also setting a new benchmark for corporate ambition and innovation within Africa’s financial services industry.
