Nigeria's GTB Acquires 70% Stake In Fina Bank Group
BEVERLY HILLS, February 04, (THEWILL) - Guaranty Trust Bank plc (GTBank), one of Nigeria's most capitalized banks has acquired a 70% stake in Fina Bank Group following regulatory approvals in three East African countries - Kenya, Rwanda, Uganda and Nigeria.
The bank acquired the 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 Kenya Shillings.
The acquisition brings together two highly successful organizations 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.
Group Managing Director of GTBank; Segun Agbaje said the acquisition makes strategic sense for the combined customers and shareholders of the two banks.
'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.
'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.
'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,' Agbaje added.
Founder and current Chairman of Fina Bank Group; Mr.
Dhanu Chandaria, said his bank was 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.