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GTBank acquires majority stake in Fina Bank

Nigeria-based Guaranty Trust Bank (GTBank) has acquired 70% interest in Fina Bank, a Kenyan bank with units in Uganda and Rwanda.

Deal

The acquisition follows a share sale and purchase agreement signed by GTBank and the shareholders of Fina Bank on 18 July 2013.

The deal was subject to customary regulatory approvals, which have now been obtained.

Following the acquisition, Fina Bank in Kenya, Rwanda and Uganda will now be renamed and rebranded as subsidiaries of GTBank.

According to GTBank, the latest acquisition is part of a structured expansion program that will allow the bank tap into the vast business opportunities that abide within the region.


Image: The acquisition follows a share sale and purchase agreement signed by GTBank and the shareholders of Fina Bank. Photo courtesy of barun patro.