GTBank and Fina Bank started the acquisition process since July 2013, when the bank and the shareholders of Fina Bank have reached an in-principle agreement for the acquisition by GTBank of a 70 per cent shareholding in Fina Bank.
It confirmed that all necessary regulatory approvals have been obtained by the Nigeria bank for the acquisition of Fina Bank.
The bank in a notice to the NSE following its letter dated July 16, 2013 informing the exchange of the acquisition, said shareholders of Fina Bank have executed the share sale and purchase agreement in respect of the acquisition, thereby concluding the transaction.
According to GTBank, Fina Bank Limited, Kenya, Fina Bank Limited, Uganda and Fina Bank Limited Rwanda will now be renamed and rebranded as subsidiaries of GTBank.
The bank affirmed that the 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 it tap into the vast business opportunities that exist in the East African region.
Fina Bank is a privately owned bank which was founded in 1991, operating in Kenya, Rwanda and Uganda with headquarters in Kenya.
According to Fina Bank unaudited consolidated financial statement as at March 31, 2013, it had total assets of $338 million, gross customer loans of $184 million and customer deposits of $285 million.
The Fina Bank Group operated through 38 branches and employed 550 people across the three countries. Fina Bank served a wide range of customers, primarily offering business and corporate banking services. The Group was particularly active in the manufacturing, trade and services sectors.
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