Lagos, Nigeria. March 17, 2015 – IFC
a member of the World Bank Group, today announced a $175 million loan financing
package to Guaranty Trust Bank Plc, to support its expansion program across
all sectors of the Bank’s operations. GT Bank, one of Africa’s leading
full service commercial banks, will use the funds to expand its lending
to sectors that drive economic growth and job creation in Nigeria.
The financing comprises $100 million for IFC’s own account and $75 million
through the IFC Managed Co-Lending Portfolio Program, a new syndications
platform that offers institutional investors the ability to passively participate
in IFC’s future senior loan portfolio.
“Guaranty Trust Bank plc is strengthening its position as a market leader,
by deepening access to growth capital and boosting lending to critical
sectors that are generators of growth” said, Segun Agbaje, Managing Director/Chief
Executive Officer, GT Bank. “IFC, our long-standing partner, is demonstrating
its support through direct investments and through syndications to enable
us achieve our goals and grow the Nigerian economy.”
Eme Essien Lore, IFC Country Manager for Nigeria said, “IFC’s strategy
for Nigeria encourages financial intermediaries to support the growth of
sectors that increase real output. By expanding IFC’s partnership, GT
Bank can make medium and long-term funding available to key sectors of
the Nigerian economy, and contribute to higher overall growth.”
GT Bank is a leading full service commercial bank in Nigeria with a network
of 233 branches (including Cash Centers), 18 e-branches, 23 GTExpress locations
and 1,097 ATMs across Nigeria and offering a wide range of banking and
financial services. The Bank has nine subsidiaries and presence in eight
African countries and in the United Kingdom.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.