News Column

GTB concludes acquisition of Fina Bank Group

February 4, 2014

Guaranty Trust Bank Plc (GTBank), said yesterday that it 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 of Kenya , Rwanda , Uganda as well as in Nigeria . The bank explained that it got the 70 per cent stake in Fina Bank Group through a combination of capital injection as well as the acquisition of shares from its current shareholders for a total cash consideration of 8.6 billion Kenyan shillings. The acquisition brings together two highly successful organisations with expertise across all banking segments and a new entity in each of the three countries called Guaranty Trust Bank Kenya, Guaranty Trust Bank , Rwanda and Guaranty Trust Bank , Uganda . With headquarters in Lagos, Nigeria , GTBank has a vast business outlay spanning Africa and the United Kingdom and employs over 12,000 personnel in Nigeria , Cote d'Ivoire , Gambia , Ghana , Liberia , Sierra Leone and the United Kingdom . The bank has evolved over the past two decades to become one of Africa's leading banks with a unique reputation for innovation, excellent customer service, Corporate Social Responsibility and internationally accepted corporate governance standards. 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 and so 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 ." Agbaje further noted that, "over the next few months we will be in the process of integrating the new Fina Bank Group into the Guaranty Trust Bank Group . We assure you that this will not affect our operations and level of service delivery to our customers." According to the founder and current Chairman of Fina Bank Group , Mr. Dhanu Chandaria , "we are delighted to partner with GTBank, an extremely successful African bank and with whom we share a common philosophy on integrity, governance and transparency. It is an honour for me to have been approached for a partnership with GTBank, whose high standards and capabilities we have been able to appreciate over the past 18 months. We look forward to working together to continuing to build the bank as part of the GTBank Group , leveraging on our respective strengths and creating a winning combination for all our stakeholders in East Africa ." GTBank has a corporate banking bias and strong service culture that has enabled it record consistent year on year growth in clientele base and key financial indices since its inception in 1990. Over the years, GTBank has been a recipient of numerous national and international accolades and commendations for exceptional service delivery, innovation, corporate governance, corporate social responsibility and management quality. A few of these are the 2009, 2010, 2011 and 2012 Best Bank in Nigeria Award by Euro money, 2011 Best Bank in Nigeria by EMEA Finance, 2012 Most Socially Responsible Company in Nigeria by SERA , 2013 Best Child Focused CSR by SERA , 2013 African Bank of the Year award by the African Banker's Magazine , 2013 Best Banking Group in Nigeria by World Business Leader Magazine .


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Sun, The (Nigeria)


Story Tools