The Guaranty Trust Bank (GTBank) says it has acquired 70 per cent stake in one of Africa’s financial conglomerate, the Fina Bank Group.
The bank said in statement made available to the News Agency of Nigeria (NAN) that the acquisition was after securing the regulatory approvals in the East African countries and Nigeria.
According to GTBank, the countries are Kenya, Rwanda, Uganda and Nigeria.
GTBank said that the acquisition in Fina Bank group was through a combination of capital injection and equity acquisition worth 8.6 billion Kenya Shillings.
The bank said that the acquisition led to the fusion of two organisations with expertise in banking.
It also said that the bank had a vast business outlay in Africa and the United Kingdom with a combined staff strengthen of more than 12,000 workers in Nigeria, Cote d’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the U.K.
GTBank Managing Director, Mr Segun Agbaje, said that the acquisition was a strategic investment for customers and shareholders.
Agbaje said that “Fina Bank has an enviable banking record in East Africa, stressing that their combined strengths would help build an attractive portfolio of leading products, services and marketing capabilities.
“We can now deepen existing and future customer relationships 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”.
Agbaje also said that the bank would, over the months, integrate the operations of the Fina Bank Group into the Guaranty Trust Bank.
“We assure you that this will not affect our operations and level of service delivery to our customers,” he said,
The Chairman of Fina Bank Group, Mr Dhanu Chandariam, said that the bank was delighted to partner with GTBank.
He said that business combination was consummated because they shared a common philosophy on integrity, governance and transparency. (NAN)
© anu for Royal Times of Nigeria Newspaper, 2014. |
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