News Column

Nigerian Bank Buys Into Fina

February 4, 2014

Margaret Wahito

Nigeria's Guaranty Trust Bank has officially launched its banking operations in Kenya after the acquisition of 70 percent stake in Fina Bank Group . Following the acquisition, Fina Bank cedes operations under its own brand with all its branches re-branding to Guaranty Trust Bank . Guaranty Trust Bank secured required regulatory approvals from Nigeria and three East African countries including Kenya , Rwanda , and Uganda to conclude the acquisition of the 70 percent stake in Fina Bank at a cost of Sh8.6 billion. This was effected through a combination of capital injection and acquisition of shares from Fina Bank shareholders. Guaranty Trust Bank CEO Segun Agbaje said Kenya is the seventh country to welcome the brand with similar launches expected in Uganda and Rwanda . New entities in each of these countries will be known as Guaranty Trust Bank Uganda and Guaranty Trust Bank Rwanda, respectively. "The acquisition of Fina Bank operations in the region makes strategic sense for both 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," Agbaje said. Headquartered in Victoria Island-Lagos , Nigeria, Guaranty Trust Bank's other operations are in Cote d'Ivoire , Gambia , Ghana , Liberia , Sierra Leone and the United Kingdom . "Over the next few months we will be integrating Fina Bank Group into the Guaranty Trust Bank Group . We assure you that this will not affect our operations or the level of service delivery for existing customers because we intend to keep respective operations in each of these countries both local and international," Agbaje added. "We look forward to working together in continuing to build the bank, as part of the Guaranty Trust Bank Group , leveraging on our respective strengths and creating a winning combination for all our stakeholders in East Africa ," Fina Bank Group Chairman Dhanu Chandaria said during the announcement on Tuesday.

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Source: AllAfrica

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