July 27, 2010 01:29AM
Guaranty Trust Bank said on Monday it was considering a proposal from the International Finance Corporation (IFC) to buy up to $30 million worth of new shares in a private placement. GTB said, in a statement, it was giving “serious consideration” to the proposal from the IFC, the World Bank’s private sector lender, and that it would convene a shareholders’ meeting if its board approved the move.
GTB is one of the top five lenders by assets in sub-Saharan Africa’s second biggest economy and has said it plans to raise capital from time to time over the next few years to enhance its funding and lending capabilities. It completed a $90 million naira-denominated bond placement at the end of 2009, Nigeria’s first corporate debt issue in years, and successfully issued $350 million of 5-year Eurobonds in January 2007.