Post Image

GTBank

Guaranty Trust Bank (GTBank) says it had reached an agreement to acquire a 70% stake in Kenya’s Fina Bank Limited for $100 million. Fina Bank has total assets of $338 million with operations in Kenya, Rwanda and Uganda. Its agreement to acquire the bank is subject to regulatory approvals. GTBank in a statement said, “GT Bank will enter East Africa through a multi-country and scalable platform, thus expanding its international presence in Sub-Saharan Africa.” Fina Bank was created in 1991, has $184 million loan book as at 31 March, 2013 and operates from 38 branches across three East African nations. GTBank says it will make the payment through a share purchase from current shareholders and direct investment.
You might also like:
This article was first published on 20th July 2013 and updated on August 6th, 2013 at 1:33 pm

connectnigeria

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *