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GTBank Lists Benefits of IFC’s Investment

Category: Capital Market


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GTBank Lists Benefits of IFC’s Investment

By Goddy Egene, 10.26.2010 


Chairman, Guaranty Trust Bank Plc,  Mr.  Oluwole Oduyemi  has said that   the proposed  equity investment  by  International Finance  Corporation (IFC) would  enable GTBank to  profitably exploit opportunities in the  banking sector of  the Nigerian economy,  West  African  and  global environment.


IFC, which is the  private sector arm of the World Bank  has proposed to  make an equity investment of $30  million in GTBank apart from $170 million 10-year  debt facility to support the bank’s lending activities. 


Speaking at the Extraordinary General Meeting (EGM) held in Lagos, where shareholders of the bank  approved the proposal, Oduyemi said that  after a  due consideration of the unique  attributes offered by IFC, the Board  arrived at the conclusion that  the proposed investment represents a viable route towards the achievement of GTBank’s strategic objectives.


“The admission of IFC as strategic investor in the bank via proposed placing  is an important further step in the bank’s multi-pronged approach towards achieving a stronger capital base and ensuring that the bank’s sustainability as a virile financial institution with  multiple competencies,” he said.


The chairman added  that  the bank would be able to leverage on the global competencies of IFC and solidify  GTBanks’ presence in the West Africa sub-region including expansion into other lucrative markets within the continent, especially Francophone West Africa.


On the divestment of the bank from non-banking sub-subsidiaries, Oduyemi said that  after considering the core strength of GTBank, the directors decided that the most optimal means of ensuring compliance with the  Central Bank of Nigeria’s (CBN) directive was to concentrate  its resources on commercial banking.


According to him, based on the decision, GTBank would divest its shareholding interest  in Guaranty Trust Assurance, GTB Asset Management Limited and GTB Registrars Limited, while  the assets liabilities and undertakings of the mortgage banking subsidiary-GTHomes Limited would be merged with GTBank.


“Upon completion of  the divestment, the bank shall apply for a commercial banking licence (with international scope) from the CBN in order to facilitate the continuation of its commercial banking operations both on a national scale in Nigeria and through its offshore banking subsidiaries in West African sub-region and the United Kingdom,” he said.The shareholders approved the proposals including the increase of the bank’s authorised share capital from NN15 billion to N25 billion.


http://www.proshareng.com/investors/company.php?ref=GUARANTY


Source:ThisDay



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