GTBank eyes East Africa

By The Citizen

Guaranty Trust Bank (GTBank) Plc says it is eyeing the East African axis for its next phase of expansion in the continent.

The Managing Director and Chief Executive Officer of GTBank, Segun Agbaje, who dropped this hint at a forum with Business Editors over the weekend in Lagos, stated the bank will continue its expansion in Africa in the 2013 business plan.

'We would like to go to East Africa,' arguing that East Africa is more of an Economic Zone than most other parts of Africa. 'Its always been there. There has always been a close economic relationship between Tanzania, Kenya and Uganda. They also have a sizable population, they are about 20 million. The GDP growth is very good and you also have good infrastructure. So I believe in my perspective, East Africa is a nice economic zone,' he added.

The GTBank helmsman, said the bank's desire to explore the East African market does not mean that the indigenous market is being relegated to the background. He said Nigeria is where the bank makes most of its profit. 'Nigeria is where I make most of my money. I don't think the opportunities in Nigeria and East Africa are mutually exclusive. I think we will continue to pursue both,' Agbaje stated.