BY PETER EGWUATU
Guaranty Trust Bank (GTBank) Plc has concluded the acquisition of a 70 per cent stake in Fina Bank Group, after securing the required regulatory approvals in the three East African countries – Kenya, Rwanda, Uganda as well as in Nigeria.
A statement from the bank stated that GTBank acquired a 70 per cent stake in Fina Bank Group through a combination of capital injection as well as acquisition of shares from its current shareholders for a total cash consideration of 8.6 billion Kenya Shillings.
The acquisition, according to the statement, brought together two highly successful organisations with expertise across all banking segments and a new entity in each country called Guaranty Trust Bank Kenya, Guaranty Trust Bank Rwanda and Guaranty Trust Bank Uganda.
Speaking on the acquisition, the Group Managing Director of GTBank, Segun Agbaje, said: “This acquisition makes strategic sense for our combined customers and shareholders.
“Fina Bank has over the years built an enviable banking institution in East Africa, our combined strengths will help us build an attractive portfolio of leading products, services and marketing capabilities.
“We can now deepen existing and future customer relationships with differentiated capabilities to exceed customer expectations and grow market share. This merger also provides us with an attractive foothold in Kenya, Rwanda, and Uganda.”