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.
