College Hill aids African bank

Nigeria's Guaranty Trust Bank (GTBank) has brought in College Hill for its London business after a £400m share issue.

The GDR share programme is being used as a platform to expand the bank's profile. College Hill will target international shareholders.

A GDR programme is a bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international bank. The shares trade as domestic shares, but are offered for sale globally through the various bank branches.

Guaranty Trust is one of Nigeria's most profitable banks - profit after tax grew by 36.3 per cent in the nine months to 30 November last year. It is Nigeria's sixth largest bank in terms of total assets.

'GTBank is a well-respected financial business in a growing market and it has a compelling story to tell international stakeholders,' said College Hill partner Tony Friend, who heads the account for the agency, founded by Alex Sandberg. 'College Hill has an established international track record, and we are pleased to be tapping into the Nigerian growth market.'

Friend reports to Guaranty head of comms and external affairs Lola Odedina and her deputy Pascal Or.

Oil-rich Nigeria is undertaking some reforms under a new administration, and rising oil prices have resulted in a booming financial sector.

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