GTB completes purchase of Kenya’s Fina Bank

 

 

Guaranty Trust Bank Plc, Nigeria’s largest lender by market value, has completed its 8.6 billion Kenyan shilling ($100m) acquisition of the east African nation’s Fina Bank Group after getting a regulatory approval.

GTB bought 70 per cent of Fina Bank to gain entry into Kenya, Rwanda and Uganda, the Lagos-based lender said in an e-mailed statement on Tuesday.

“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, according to Bloomberg.

Guaranty Trust, which also operates in six West African countries, agreed to buy Fina Bank in July, subject to a regulatory approval in Nigeria, Kenya, Rwanda and Uganda.

Kenya’s Fina Bank had loans of $184m and customer deposits of $285m at the end of March, filings show.

Meanwhile, Standard Chartered has started syndicating term loan for Union Bank of Nigeria, according to e-mailed statements from the arranger.