Guaranty Trust (GT) Bank acquires Fina bank
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 per cent 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 percent stake in Fina Bank in July 2013.
This means that GT Bank will have a good percentage of the $338 million Fina Bank’s assets and operations in Kenya, Rwanda and Uganda, but it is also expected that GT bank will not necesarilly tamper with the current management of Fina.
Rao G. Balivada, managing director, Fina Rwanda, says that “GT Bank believes in management decisions made locally, so the management will be retained. The Group CEO has come through the ranks within the bank. They believe in 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 Rwanda’s banking sector, Fina Bank Rwanda will join other local international and regional banks like Banque Commerciale du Rwanda (BCR) which has been rebranded to I&M bank after coming into a similar deal.