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GTBank wins 2016 African Bank of the Year - Africa Banker Awards

GTBank wins 2016 African Bank of the Year - Africa Banker Awards

Lagos, Nigeria – May, 2017.   Foremost African financial institution; Guaranty Trust Bank plc has been named the African Bank of the Year at this year’s African Banker Awards. The Awards was presented during a prestigious gala dinner on 23rd May Ahmedabad, India, on the sidelines of the Annual Meeting of African Development Bank.   Now in its 11th year, The African Banker Awards is internationally recognized as the landmark finance event to reward achievements, commend best practices and celebrate excellence in African banking. The award provides a platform to bring together industry leaders from across Africa, celebrate the achievements of those driving economic growth and shaping the future of Africa.   Commenting on the awards ceremony, Publisher of African Banker Magazine; Mr Omar Ben Yedder said “In the year under review, GTBank demonstrated positive results across numerous indices, including a strong balance sheet, growing customer base and a continuous regional expansion. The Bank’s strong performance in 2016 underlined... Read More

GTBank completes takeover of Fina Bank

 

2nd January, 2014

 

Nigerian-based bank, Guaranty Trust Bank, has acquired a 70 per cent stake in Fina Bank.



Balivada Rao, the managing director of Fina Bank Rwanda, a subsidiary of the Kenyan-based lender, confirmed the buy-out over the week.



Rao said the deal will benefit clients and the bank in terms of products innovation and service delivery.



The takeover deal is worth about $100m (Rwf67.5b).



Earlier in July, 2013, GTBank and the shareholders of Fina Bank entered into a share sale and purchase agreement for the acquisition of the stake. The agreement was, however, subject to customary regulatory approvals from the central bank.



The development means that all Fina Bank branches across the region; in Kenya, Uganda and Rwanda will now be renamed and rebranded as subsidiaries of GTBank, Rao said.



GTBank joins a list of other West African banks, including Ecobank and Access Bank, which have ventured into the East African region to tap into its fast-growing economies and opportunities.

 

 

Source: www.newtimes.co.rw

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