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IFC invests 4.58 billion naira in GTBank

By on August 29, 2011

The International Finance Corporation (IFC) has invested 4.58 billion naira in Nigeria’s Guaranty Trust Bank (GT Bank), one of the top five lenders by assets in sub-Saharan Africa’s second biggest economy, GT bank said on Monday.

The IFC acquired 284,697,017 new shares of GT Bank, which operates 183 branches in Africa’s most populous nation and five banking subsidiaries across West Africa and the United Kingdom, at a price of 16.09 naira per share.

The lender in July said it had received an expression of interest from the private sector arm of the World Bank to acquire new shares of the bank by way of a placement and would seek shareholders approval for the transaction.

GT Bank completed a $500 million ten-year Eurobond in May to replace its maturing $350 million debt due next January. It also has a secondary listing on the London Stock Exchange