Nigeria’s Largest Trust Lender Acquires 70% of Fina Bank

Written by Makula Dunbar

Jul 19, 2013

Guaranty Trust Bank Plc (GUARANTY), Nigeria’s largest lender by market value, agreed to pay about $100 million for 70 percent of Kenya’s Fina Bank Ltd.

The deal is subject to regulatory approvals in Kenya, Nigeria, Rwanda and Uganda, the Lagos-based bank said in an e-mailed statement today.

Chief Executive Officer Segun Agbaje said in April that Guaranty Trust, which operates in six countries outside Nigeria, was targeting East African nations for their “appreciable gross domestic product, growing investments and ease of doing business.”