Airline Services & Logistics (ASL) Plc and Guaranty Trust Bank (GTBank) Plc have announced the expansion of their business operations to Rwanda and other East African countries. In separate notices to the investing public, ASL and GTBank stated that they have concluded plans to commence operations in a number of African countries. ASL indicated that it has decided to expand its business into oil and gas catering and provision of in-flight catering in Rwanda . In line with this, ASL stated that it has entered into a joint venture agreement with third parties to set up ASL Rwanda and ASL Oil & Gas Logistics Limited as a special purpose vehicle for the Rwandan operations. On its part, GTBank, which had in July indicated acquisition bid for Kenyan banking group- Fina Bank Limited , stated that it has concluded the acquisition and obtained all necessary regulatory approvals. GTBank is the most capitalised financial services stock at the Nigerian stock market with market capitalisation of about N795 billion. According to the bank, it has executed the share sale and purchase agreement with shareholders of Fina Bank , thus concluding the transaction. Consequently, Fina Bank Limited , Kenya and its subsidiaries- Fina Bank Limited , Uganda and Fina Bank Limited Rwanda will now be renamed and rebranded as subsidiaries of GTbank.
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