Guaranty Trust Bank plc officially launches operations in East Africa through acquisition.

Guaranty Trust Bank plc, a foremost African financial institution with vast business outlays spanning Anglophone West Africa and the United Kingdom, has officially launched banking operations in Kenya , Rwanda and Uganda signifying East Africa market

Segun Agbaje  CEO & MD GT Bank Plc flanked by (right) Sonola Kunle,
Managing Director GT Bank East Africa  and board members 

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The bank, which is listed in the Nigeria Stock Exchange (1996), London Stock Exchange (2007) and the Deutsche Borse (2007) and recognized as the biggest bank in Nigeria (by market capitalization), has held two colorful events in Nairobi hotels to unveil the Guaranty Trust Bank brand to media and customers, marking a successful entry of the universal banker into East Africa.

Kenya is effectively the 7^th country in the world to welcome the brand with similar launches expected in Uganda and Rwanda.

Commenting on the acquisition in Nairobi, CEO and Managing Director of Guaranty Trust Bank Plc. Mr.Segun Agbaje said: “The acquisition of Fina Bank operations in the region makes “strategic sense” for both 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 relationships with differentiated capabilities to exceed customer expectations and grow market share.”He added that the merger would provide Guaranty Trust Bank with an attractive foothold in Kenya, Rwanda and Uganda.

Guaranty Trust Bank secured required regulatory approvals from Nigeria and the three East African countries – Kenya, Rwanda, and Uganda to conclude the acquisition of a 70% stake in Fina Bank Group at a  total cash consideration of over USD100 million (about Ksh 8.6Billion, effected through a combination of capital injection and acquisition of shares from Fina Bank shareholders.

Following the acquisition, Fina Bank cedes operations under its own brand with all its branches re-branding to Guaranty Trust Bank.  New entities in each of these countries will be known as Guaranty Trust Bank Kenya, Guaranty Trust Bank Rwanda and Guaranty Trust Bank Uganda, respectively.

Headquartered in Victoria Island-Lagos, Nigeria, Guaranty Trust Bank plc has a vast business outlay spanning Africa and the United Kingdom and employs over 12,000 personnel in Nigeria, Cote d’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom.The Bank has evolved over the past two decades to become one of Africa’s leading banks with a unique reputation for innovation, excellent customer service, and corporate social responsibility as well as internationally accepted corporate governance standards.

Agbaje added: “Over the next few months we will be integrating Fina Bank Group into the Guaranty Trust Bank Group.  We assure you that this will not affect our operations or the level of service delivery for existing customers because we intend to keep respective operations in each of these countries both local and international.”

Rebrand of what used to be Fina Head Office, Kimathi street - Nairobi

Founder and current Chairman of Fina Bank Group; Mr. Dhanu Chandaria said: “We are delighted to partner with an extremely successful African bank, and with whom we share a common philosophy on integrity, governance and transparency.  It is indeed an honour for me to have been approached for a partnership with Guaranty Trust Bank, whose high standards and capabilities we have been able to appreciate over the past 18 months.  We look forward to working together in continuing to build the bank, as part of the Guaranty Trust Bank Group, leveraging on our respective strengths and creating a winning combination for all our stakeholders in East Africa.”

Guaranty Trust Bank has a corporate banking bias and strong service culture that has enabled it record consistent year on year growth in clientele base and key financial indices since its inception in 1990.

Over the years, the Bank has been a recipient of numerous national and international accolades and commendations for exceptional service delivery, innovation, corporate governance, corporate social responsibility and management quality. To mention few: Best Bank in the Nigeria Award by Euromoney, 2011Best Bank in Nigeria by EMEA Finance, 2013 African Bank of the Year award by the African Banker’s Magazine among others,