Parent company of Guaranty Trust Bank (Ghana) Limited, Guaranty Trust Bank Plc, has reached an agreement to acquire a 70 per cent stake in Kenya’s Fina Bank Limited for $100 million, subject to approvals in Kenya, Nigeria, Rwanda and Uganda.
The new acquisition will increase the number of countries in which GT Bank has a presence from 7 to 10.
GT Bank currently operates in Ghana, Gambia, Sierra Leone, Liberia, Cote D’Ivoire and the United Kingdom.
According to the Bank, the acquisition forms part their strategy to increase their international presence across Sub-Saharan Africa.
The acquisition is also the Bank’s strategy to break through the East African market.
The ultimate objective of the acquisition, according to the Bank is also to create value for their shareholders and assure customers and other stakeholders of the viability bank and the strength of their brand.
“GT Bank would acquire the 70 per cent shareholding in the bank through a combination of capital injection in Fina Bank, and an acquisition of shares from the current shareholders, thus bringing the total consideration to be paid by GT Bank to an estimated $100 million, subject to closing adjustments and exchange rate movements”, a statement from GT Bank said.
The statement further stated that GT Bank and the remaining shareholders of Fina Bank will enter into a shareholders’ agreement to ensure that the transition of governance and operations of the bank runs smoothly.
The Bank is also optimistic about acquiring further shares in Fina Bank in due course.
The Managing Director of Guaranty Trust Bank (Ghana) Limited, Mr. Lekan Sanusi, was upbeat about the potential benefits that would inure to the Bank’s customers here in Ghana and other subsidiary countries.
“This would create further convenience and improve customer transactions amongst all 10 countries where GTBank operates”, he stated.
Guaranty Trust Bank Plc, is one of the foremost banks in Nigeria with a Triple A rating. It is the first indigenously owned sub-Saharan bank to be quoted on the London Stock Exchange. It is also listed on the Nigerian Stock Exchange.
The Ghana subsidiary, Guaranty Trust Bank (Ghana) Limited was registered in Ghana in October 2004 and obtained its universal banking license from the Bank of Ghana on 23rd February, 2006, paving the way for the commencement of operations.
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