GTBank Nigeria Acquires 70% Stake in Kenyan Bank
Business News Thursday, December 26th, 2013
Kayode Adelowokan, Lagos
In its drive to dominate the African market, Nigeria’s Guaranty Trust Bank Plc (GTbank) has acquired 70 percent (70%) in Fina Bank Limited, Kenya, with subsidiaries in Uganda and Rwanda.
GTBank in a notice to the Nigerian Stock Exchange (NSE) following its letter dated July 16, 2013 informing the NSE of the acquisition said shareholders of Fina Bank have executed the Share Sale and Purchase Agreement in respect of the acquisition thereby concluding the transaction.
‘’It confirms that all necessary regulatory approvals have been obtained for the acquisition,’’ GTBank said.
According to GTBank, Fina Bank Limited, Kenya, Fina Bank Limited, Uganda and Fina Bank Limited Rwanda will now be renamed and rebranded as subsidiaries of GTBank.
The Bank affirmed that the acquisition will enable it enter East Africa through a multi-country and scalable platform, thus expanding its international presence in Sub-Saharan Africa in line with the structured expansion programme that will enable it tap into the vast business opportunities that exist in the East African region.
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