GT Bank Acquires 70% Of FINA Bank

Guaranty Trust Bank Plc (GTB) says it has concluded the acquisition of 70 per cent stake in Fina Bank Group, after securing the required regulatory approvals in Kenya, Rwanda, Uganda as well as in Nigeria.
GTB had acquired he stake through a combination of capital injection and as the acquisition of shares from its current shareholders for a total cash consideration of 8.6 billion Kenyan Shillings what is naira equivalent?
Speaking on the acquisition, GTB’s Group managing director Segun Agbaje said, “This acquisition makes strategic sense for our combined customers and shareholders. Fina Bank has over the years built an enviable banking institution in East Africa, our combined strengths will help us build an attractive portfolio of leading products, services and marketing capabilities.
“We can now deepen existing and future customer relationship with differentiated capabilities to exceed customer expectations and grow market share. This merger also provides us with an attractive foothold in Kenya, Rwanda, and Uganda”, he explained.

Agbaje further added that “Over the next few months, we will be in the process of integrating the new Fina Bank Group into the Guaranty Trust Bank Group.  We assure you that this will not affect our operations and level of service delivery to our customers.”

Also the founder and current chairman of Fina Bank Group, Mr Ohanu Chandaria said, “We are delighted to partner with GTBank, an extremely successful African bank, and with whom we share a common philosophy on integrity, governance and transparency.