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
Fresh row hits $8bn railway deal
Fresh controversy is stalking the over $8b Standard Gauge Railway deal, with the company that lost the deal seeking audience with the President....
BATU ends tobacco leaf business
British American Tobacco Uganda (BATU) will discontinue its leaf growing and export business after 86 years with a new player set to enter the market at the end of the year....
Police close illegal micro finance; over sh20m in savings lost
Police in Njeru Town Council has closed an illegal micro finance bank over defrauding unsuspecting members of the public over sh20m...
More oil resources found in Albert region
The Petroleum Exploration and Production Department has said that the oil resource confirmed is now 6.5 billion barrels from the fields studied....
Chinese firm CHEC given $8bn railway deal
The Government has finally given away the giant and lucrative deal to upgrade and expand Uganda’s railway network to standard gauge to a Chinese firm....
Tourism industry goes professional
IN a bid to make Uganda a preferred destination for tourists, the Ministry of Tourism is in advanced stages of professionalizing the chain of service...
Do you think banning the sale of single cigarette sticks will help regulate tobacco production?
yes
No
Can't Say
follow us
subscribe to our news letter