26 January 2014

Uganda: Fina Bank Properties Change to Gtbank

Properties that once belonged to Fina bank have got a new face.

They are now named Guaranty Trust bank (GTBank), a Nigeria-based commercial bank, which announced the acquisition of 70 per cent interest in Kenya-headquartered Fina Bank last year. The bank had been operating units in Uganda and Rwanda.

The acquisition comes after a share sale and purchase deal, which was reached on July 18, 2013 between GTBank and Fina bank's shareholders. The acquisition was worth $100m (Shs 240bn).

GTBank said the latest acquisition was part of a structured expansion initiative that would allow the bank to tap vast business opportunities in East Africa. Bank of Uganda approved the deal last month. The acquisition increases on the number of West Africa banks operating in Uganda.

Others include Ecobank, United Bank of Africa, Orient Bank, and Global Trust Bank. GTBank is listed on the Nigeria stock exchange.

In a statement at the bank's website, Segun Agbaje, the Chief Executive Officer of the bank, said last year that GTBank plc, which operates in six countries outside Nigeria, was targeting East African nations for their "appreciable gross domestic product (GDP), growing investments and the ease of doing business."

Fina bank opened shop in Uganda in 2008.

Copyright © 2014 The Observer. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.