Summary of Proposed Investment
Project Number
9994
Company Name
GUARANTY TRUST BANK PLC
Date SPI Disclosed
Feb 3, 2000
Country
Nigeria
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Apr 20, 2000
Signed : Mar 19, 2001
Invested : Aug 7, 2001
Project Description
Guaranty Trust Bank Plc. is a full service commercial bank quoted on the Nigerian Stock Exchange.
Project Cost Including proposed IFC investment
Total project cost is estimated at $20 million.
Location of project and Description of site - Nigeria
Description of Company and Purpose of Project
The project involves an IFC term loan of up to $20.0 million to Guaranty Trust Bank Nigeria (GTB or the Bank) to be on-lent to private Nigerian enterprises for rehabilitation, trade finance, working capital and new investment projects. The sponsor of the project is Guaranty Trust Bank Plc. a public limited company quoted on the Nigerian Stock Exchange. Although the Bank has over 4,000 shareholders, it remains closely held by its management, staff and a small number of its founding shareholders who together own a significant part (around 85%) of the Bank''s shares. Despite the difficult economic condition and political situation prevailing in the country as well as increasing competition, the Bank has over the years shown strong underlying earnings growth and profitability. This performance is also reflected in the significant growth of the Bank''s equity since establishment from Naira 25.0 million in 1991 to N2.8 billion as at end of August 1999. GTB is a full service bank with a target market of middle and top tier corporate clients. The Bank is well established in these markets and has a particularly strong presence in the manufacturing industries as well as the petroleum and petroleum related sectors of the economy. The Bank services its clients through a branch network of 12 offices located in the major commercial /industrial centers in Nigeria. The network is supported by a strong technology platform linked via a wide area network with real time capabilities.
- Environmental Category and Issues
This is a category FI Type 2 project according to IFC’s environmental review procedure. GTB has committed to establishing an environmental management system that will ensure that investments are consistent with applicable host country environmental laws and regulations as well as applicable World Bank Group environmental, health and safety guidelines and policies; designating appropriate individuals who will have responsibility for environment; attending IFC’s environmental management workshops; submitting an environmental management plan; ensuring that category A projects are cleared by IFC’s Environment Division; and submitting an annual environmental performance report.
The is from the InfoShop.
Date SPI sent to InfoShop February 3, 2000
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact:
Corporate Relations Unit
Telephone: (202) 473-7711
Fax: (202) 974-4384
Project Cost Including proposed IFC investment
Total project cost is estimated at $20 million.
Location of project and Description of site - Nigeria
Description of Company and Purpose of Project
The project involves an IFC term loan of up to $20.0 million to Guaranty Trust Bank Nigeria (GTB or the Bank) to be on-lent to private Nigerian enterprises for rehabilitation, trade finance, working capital and new investment projects. The sponsor of the project is Guaranty Trust Bank Plc. a public limited company quoted on the Nigerian Stock Exchange. Although the Bank has over 4,000 shareholders, it remains closely held by its management, staff and a small number of its founding shareholders who together own a significant part (around 85%) of the Bank''s shares. Despite the difficult economic condition and political situation prevailing in the country as well as increasing competition, the Bank has over the years shown strong underlying earnings growth and profitability. This performance is also reflected in the significant growth of the Bank''s equity since establishment from Naira 25.0 million in 1991 to N2.8 billion as at end of August 1999. GTB is a full service bank with a target market of middle and top tier corporate clients. The Bank is well established in these markets and has a particularly strong presence in the manufacturing industries as well as the petroleum and petroleum related sectors of the economy. The Bank services its clients through a branch network of 12 offices located in the major commercial /industrial centers in Nigeria. The network is supported by a strong technology platform linked via a wide area network with real time capabilities.
- Environmental Category and Issues
This is a category FI Type 2 project according to IFC’s environmental review procedure. GTB has committed to establishing an environmental management system that will ensure that investments are consistent with applicable host country environmental laws and regulations as well as applicable World Bank Group environmental, health and safety guidelines and policies; designating appropriate individuals who will have responsibility for environment; attending IFC’s environmental management workshops; submitting an environmental management plan; ensuring that category A projects are cleared by IFC’s Environment Division; and submitting an annual environmental performance report.
The is from the InfoShop.
| Host country location of environmental documents | Nigeria |
Date SPI sent to InfoShop February 3, 2000
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact:
Corporate Relations Unit
Telephone: (202) 473-7711
Fax: (202) 974-4384
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