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GTBank Advances Most in Four Months on Stake Sale

By on July 24, 2011

GTBank, Nigeria’s second-biggest lender by market value, rose the most in four months after saying it would sell its stake in Guaranty Trust Assurance Plc (GTASSURE) for 11.9 billion naira ($78.1 million).

The stock gained 69 kobo or 4.9 percent to 14.79 naira, the biggest gain since March 22, at the 2:30 close of trading in Lagos. Guaranty Trust Assurance shares rose as much as 4.9 percent and closed 2.8 percent higher at 1.47 naira.

Guaranty Trust Bank agreed to sell its 67.68 percent stake in the insurer to Assur Africa Holding, with completion of the sale expected by the end of the third quarter, it said in a regulatory filing yesterday.

“This may just be the most profitable bank subsidiary divestment we’ll see in this current round of subsidiary sales,” Adesoji Solanke, a Lagos-based banking analyst with Renaissance Capital, wrote in an e-mailed note to clients.

Bloomberg