The Nigerian Stock Exchange reports;
Guaranty Trust Bank Plc (GTbank) has notified them that reference to their letter dated July 16, 2013 informing The Exchange of the acquisition of 70% stake in Fina Bank Limited, Kenya with subsidiaries in Uganda and Rwanda, GTbank and shareholders of Fina Bank have executed the Share Sale and Purchase Agreement in respect of the acquisition thereby concluding the transaction. It confirms that all necessary regulatory approvals have been obtained for the acquisition.
Consequently, Fina Bank Limited, Kenya, Fina Bank Limited, Uganda and Fina Bank Limited Rwanda will now be renamed and rebranded as subsidiaries of GTbank. GTbank states that this acquisition will enable it enter East Africa through a multi-country and scalable platform, thus expanding its international presence in Sub-Saharan Africa in line with the structured expansion programme that will enable GTbank tap into the vast business opportunities that exist in the East African region.
Gtb shares rose 0.37% to N27 today.
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