Nigeria's Guaranty Trust Completes Purchase of Kenya's Fina Bank

By The Rainbow

Guaranty Trust Bank Plc (GUARANTY),  one of Nigeria's foremost banks, has  completed its 8.6 billion Kenyan shilling ($100 million) acquisition of the east African nation's Fina Bank Group after getting regulatory approval.

Guaranty Trust bought 70 percent of Fina Bank to gain entry into Kenya, Rwanda and Uganda, the Lagos-based lender said in an e-mailed statement today.

'Fina Bank has over the years built an enviable banking institution in East Africa,' Guaranty Trust Bank Group Chief Executive Officer Segun Agbaje said in the statement.

Guaranty Trust, which also operates in six West African countries, agreed to buy Fina Bank in July, subject to regulatory approval in Nigeria, Kenya, Rwanda and Uganda. Kenya's Fina Bank had loans of $184 million and customer deposits of $285 million at the end of March, filings show.