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.
No comments:
Post a Comment