By Agency Reporter
Friday, 22 Oct 2010
THE Chairman, Guaranty Trust Bank Plc, Mr. Oluwole Oduyemi, has said that the bank has received a debt facility proposal of $200 (N30bn) from the International Finance Corporation.
Oduyemi made this known on Thursday at the bank’s Extraordinary General Meeting in Lagos.
He said, “This comprises a 10-year debt facility of $170 (N25.5bn) to support the bank’s general lending activities and $30 (N4.5bn) as an equity investment in the GTB’s share capital’’.
Oduyemi said that the bank also proposed divestment from the non-banking subsidiaries and increased in its share capital from N15bn to N25bn divided into 50 billion ordinary shares of 50 kobo each.
The chairman said that upon the completion of divestment, the bank would apply for the commercial banking licence with an international scope from the CBN.
He said that this would facilitate the continuation of its commercial banking operation both on national scale in Nigeria and through its offshore banking subsidiaries in West African sub-region and UK.
Oduyemi said the bank would ensure that it took all necessary steps to ensure a transparent and independently managed divestment process.
This, he said, would be achieved with the ultimate objective of taking advantage of the existing and emerging opportunities under the new commercial banking licensing.
Source: Punch
