Published: January 7, 2014
Nigerian bank finalises US$100mn deal to enter Kenya, Rwanda and Uganda.
Nigeria’s Guaranty Trust Bank (GT Bank) has closed its acquisition of a 70% stake in Fina Bank.
The closure of the US$100mn transaction was announced in early January by Balivada Rao, managing director of Fina Bank Rwanda, a subsidiary of the Kenya-based target.
The deal gives GT Bank a presence in Kenya, Rwanda and Uganda. It already has businesses in Côte d’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the UK.
Speaking to EMEA Finance in our latest issue, Segun Agbaje, GT Bank’s CEO, explained his plans for the bank’s growing international business.
“We’re hoping that by 2016 Nigeria will account for about 90% of our business, down from about 96%, and subsidiaries elsewhere in Africa will contribute 10%,” Agbaje said. “I think we’ll close 2013 with subsidiaries contributing just under 7%.”