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13 Jun 2017

Important Notice! If You Have Account With GT Bank,You Need To Read This

Nigeria's biggest lender,
Guarantee Trust Bank Plc, GTB, has been credited to be so flush with
cash that it is
planning to repay bonds
worth $400 million which will be due in November 2018
instead of issuing additional

Bloomberg in its latest
Business report further
revealed that the next two
largest banks in the country
"sold international bonds for
the first time since 2014" while the smaller banks are
faced with cash crunch
leading to the scrap of plans
to raise dollar loans therefore putting them in the struggle of
sourcing investors to raise capital.

Bloomberg reported that
"top-tier banks in Africa's
most-populous nation and
biggest oil producer are
rallying after the central bank
in April opened a foreign- exchange trading window,
easing a crippling currency
shortage that contributed to
the worst economic
contraction in 25 years.

Smaller banks are lagging behind as they battle rising
levels of non-performing
loans and capital buffers near
regulatory minimums." Speaking on the widening
gap between the top tier
banks and the small lenders,
an analyst at Afrinvest West
Africa Ltd., Omotola Abimbola
said: "The gap between the
Tier 1 and Tier 2 banks
has been widening in
profitability and
balance-sheet size. "In the next one or two
years we will probably
see the trend extending
further." Bloomberg further reported
that: "United Bank for Africa
Plc, the third-biggest lender
by market value, raised $500
million in its first Eurobond
sale on June 1 at yields below initial guidance. This followed an
equivalent issue a week earlier by Zenith Bank Plc in a deal that was
four times oversubscribed. Guaranty Trust Bank Plc said this month it
has no plans to sell Eurobonds because it's
setting aside funds to repay
existing debt.

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