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LequteMan
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The Guaranty Trust Bank, GTBank, on Wednesday announced the acquisition of 70 per cent stake in one of Africa’s financial conglomerates, the Fina Bank Group which would extend its investment frontiers beyond Kenya, Rwanda, Uganda and Nigeria.
This follows its successful securing of the regulatory approvals in the East African countries and Nigeria.
GTBank's acquisition of shares in Fina Bank Group was through a combination of capital injection and equity acquisition worth 8.6 billion Kenya Shillings, a development that would result in the fusion of two organisations with expertise in banking.
The bank’s managing director, Segun Agbaje, said that the acquisition was a strategic investment for customers and shareholders.
“We can now deepen existing and future customer relationships with differentiated capabilities to exceed customer expectations and grow market share,” Mr. Agbaje said, pointing out that the merger would also provide the partners with an attractive foothold in Kenya, Rwanda, and Uganda.
He said with Fina Bank’s enviable banking record in East Africa, their combined strengths with GTBank would help build an attractive portfolio of leading products, services and marketing capabilities.
The Chairman of Fina Bank Group, Dhanu Chandariam, said that the bank was delighted to partner with GTBank, noting that the business combination was consummated because they shared a common philosophy on integrity, governance, and transparency.
This follows its successful securing of the regulatory approvals in the East African countries and Nigeria.
GTBank's acquisition of shares in Fina Bank Group was through a combination of capital injection and equity acquisition worth 8.6 billion Kenya Shillings, a development that would result in the fusion of two organisations with expertise in banking.
The bank’s managing director, Segun Agbaje, said that the acquisition was a strategic investment for customers and shareholders.
“We can now deepen existing and future customer relationships with differentiated capabilities to exceed customer expectations and grow market share,” Mr. Agbaje said, pointing out that the merger would also provide the partners with an attractive foothold in Kenya, Rwanda, and Uganda.
He said with Fina Bank’s enviable banking record in East Africa, their combined strengths with GTBank would help build an attractive portfolio of leading products, services and marketing capabilities.
The Chairman of Fina Bank Group, Dhanu Chandariam, said that the bank was delighted to partner with GTBank, noting that the business combination was consummated because they shared a common philosophy on integrity, governance, and transparency.
