By John Odyek
Fina bank operations in Rwanda, Uganda and Kenya will now be renamed and rebranded as subsidiaries of Guaranty Trust (GT) Bank, after the latter acquiring at least 70% stake in shares in the three regional countries.
The move comes after customary regulatory approvals which have been obtained after GT Bank and the shareholders of Fina Bank entered into a share sale and purchase agreement for the acquisition of 70% stake in Fina Bank last July.
This means that GT Bank will have a good percentage of the US$338 million Fina Bank’s assets and operations in Kenya, Rwanda and Uganda, but it is also expected that GT bank will not change with the current management of Fina.
An official at Fina Bank Uganda said the company had rebranded to GT Bank Uganda but could not comment because they were not authorized to do so. The top officials of the bank were out of office by press time.
However Rao G. Balivada, managing director, Fina Rwanda, said that “GT Bank believes in management decisions made locally, so the management will be retained,” Balivada said. He added GT Bank believes in local talent development.
Guaranty Trust Bank plc is a highly respected African Bank that has business operations in Cote D’Ivoire, Gambia, Ghana, Liberia, Nigeria, Sierra Leone and the United Kingdom.
Officials of Guaranty Trust Bank plc said the acquisition of Fina Bank is part of a structured expansion programme that will enable the Bank tap into the vast business opportunities that abide within the region.
As competition gets tight in Uganda’s and Africa’s banking sector, Fina Bank Uganda will join other local international and regional banks that are strengthening themselves and operating regionally.
GT Bank Uganda has eight branches country wide dealing with business banking (business loans, accounts), personal (salaries, savings) and treasury (foreign exchange, treasury bills) banking.
Guaranty Trust Bank plc, is a banking group headquartered in Lagos, Nigeria, and listed on the London Stock Exchange. Fina Bank Group has been in operation in Kenya for over 25 years with subsidiaries in Rwanda and Uganda.
GTBank has been in operation for over 23 years and today operates over 200 branches in Nigeria, Gambia, Ghana, Liberia, Sierra Leone, Cote d’lvoire and the United Kingdom. The acquisition of the Fina Bank Group brings on board the East Africa region to the team keeping in the spirit of GTBank as being ‘Proudly African and Truly International’.
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Fina Bank Uganda sold to Nigerian bank group