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The 2017 GTBank Food and Drink Fair set to hold during Workers’ Day holiday

The 2017 GTBank Food and Drink Fair set to hold during Workers’ Day holiday

Lagos, Nigeria - March, 2017 Food lovers from across the world can once again look forward to an unparalleled culinary experience as the 2nd edition of the GTBank Food & Drink Fair is set to hold during the Worker’s Day holiday on Sunday the 30th of April and Monday the 1st of May, 2017. The 2-day event will treat attendees to enthralling gastronomic tours across a wide variety of exciting cuisines and delicacies while offering small businesses in the Nigerian Food Industry a free and vibrant platform to connect with a wider segment of their target markets as well as experts in their business fields. The GTBank Food and Drink Fair was created by foremost African Financial Institution, Guaranty Trust Bank Plc, as part of its efforts to empower small businesses. The 2016 debut of the consumer-focused event received very positive reviews nationally and internationally, had over 90 exhibitors from the food... Read More

Central Bank of Kenya approves Fina Bank name change after buyout.

9th December, 2013

 

Fina Bank will change its identity to Guaranty Trust Bank Kenya after a Nigerian bank was given approval to buy a 70 per cent stake in the regional lender.

Central Bank of Kenya said it has offered a nod to the deal, setting the stage for a board shake-up at Fina Bank to reflect the new ownership structure.

“The approval for acquisition takes effect as from November 8, 2013. The resulting institution shall be called Guaranty Trust Bank Kenya Limited,” said Prof Njuguna Ndung’u, the Central Bank of Kenya (CBK) governor.

The Nigerian bank will acquire the majority stake in Fina Bank, set up in 1991, through a share purchase from current shareholders and direct investment in a deal valued at $100 million (Sh8.6 billion).

GTBank is eyeing expansion opportunities in East Africa after building out operations in West Africa to tap into the region’s fast growing economies and infrastructure deals, especially oil and gas financing.

Fina Bank’s assets stood at Sh19.3 billion in September and its profit grew 66.6 per cent to Sh255 million in the first nine months of the year. It has branches across Kenya, Uganda and Rwanda.

The bank has been looking for between Sh2.6 billion and Sh3.49 billion as additional capital to fund its growth plans.

Guaranty Trust Bank had $10.76 billion (Sh930 billion) in net assets last December or two-fifths of the Kenyan industry’s combined balance sheet of Sh2.33 trillion at the end of last year.

 

 

Source: www.businessdailyafrica.com

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