Business
Fina Bank Uganda sold to Nigerian bank group
Publish Date: Jan 23, 2014
Fina Bank Uganda sold to Nigerian bank group
Bank of Uganda governor Tumusiime Mutebile. Banking changes in his sector.
  • mail
  • img
newvision

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’.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Posta Uganda to launch financial services
Posta Uganda will launch financial services to use its country wide postal networks to promote financial inclusion especially the unbanked rural communities....
UAE Exchange customer wins MoneyGram’s grand getaway first weekly draw
Electronic gadgets were raining for the customers of UAE Exchange as the winners for the first draw of MoneyGram’s Grand Getaway promotional campaign was announced. Five winners were announced in the first weekly draw conducted on July 16, 2015....
Mutebile to speak on technology, financial inclusion
Central bank governor Prof. Tumusiime Mutebile is expected to deliver a keynote address focusing on regulation of information technologies in August....
Are foreign direct investments benefiting EAC citizens?
East African Community (EAC) member states continue to post impressive Foreign Direct Investment (FDI) figures, according to the 2015 World Investment Report....
Lack of compliance to UNBS laws fueling counterfeits
LACK of complying with existing laws under the Uganda National Bureau of Standards (UNBS) and stipulated standards has led to the increased usage of counterfeit materials...
Standard Chartered scoops best consumer digital bank award
Standard Chartered Bank Uganda has been awarded best consumer digital bank by Global Finance Magazine. Standard Chartered Bank PLC largely dominated the Global Finance Magazine’s 2015 Best Consumer Digital Bank Awards in Asia, Africa and the Middle East, winning 17 country awards and 6 regional aw...
Should faith based organisations be registered as Non-government organisations?
Yes
No
Can't Say
follow us
subscribe to our news letter