Guaranty Trust Bank (GTB) has launched a tender offer to repay a $500 million Eurobond early, a move to deploy its available Dollar liquidity ahead of the debt’s maturity.

The bank said the notes, priced to yield 7.5 per cent, were due to mature in May 2016 and the tender was voluntary.

It said in a tender notice that the bank would maintain cash to repay any outstanding debt not tendered.

The results of the tender offer will be announced on February 11.

Meanwhile, GTBank has been listed among the top 500 global banking brands in a study conducted by Brand Finance, one of the world’s leading brand valuation consultancies.

In the report, which is to be published in the February edition of The Banker, GTBank rises to 389^thin the league table of the world’s biggest banks, 28 places from last year’s 417^th position. It is one of only four Nigerian banks and tops in the country as the bank with the highest year-on-year brand value increase; from $213 million in 2015 to $243 million in 2016.

“We are excited to be named among the biggest banking brands in the world,” commented Segun Agbaje, the Managing Director/CEO of GTBank. “Our continued rise in the league of the world’s biggest banks is made possible by the passion and unwavering commitment of every member of staff, the management and the board to building a solid financial institution reputable for innovation, integrity, good corporate governance standards, and excellence in service delivery.”

Banks from five African countries made the ranking of which those from Nigeria cumulatively had the highest brand value increase of $249 million. Egypt came in second with a brand increase of $239 million followed by Togo at $134 million, while South Africa and Morocco both recorded brand decreases of $878 million and $213 million respectively.

GTBank has consistently played a leading role in Africa’s banking industry. The Bank operates from over 230 branches in Nigeria and has banking subsidiaries in Kenya, Rwanda, Uganda, Cote d’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom. Reputed for its superior financial performance and best in-class product and service delivery, the bank has received numerous awards from industry watchers and analysts, among these are the “Best Banking Group of 2015, Nigeria,” by the World Finance Magazine and the 2015 Bank of the Year by leading international investment and communications group, Africa Investor (Ai).

•Photo shows GTBank GMD Segun Agbaje.

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