GT Bank Plans Expansion, Seeks Funds From Nigeria

GT Bank Plans Expansion, Seeks Funds From Nigeria

From Standard Digital

GT Bank, formerly Fina Bank, is seeking funds from its Nigerian parent company to fund its expansion program that will see it increase the number of branches from 14 to 60 in the next five years. Managing Director Adekunle Sonola, however, said the Kenyan subsidiary of the Nigerian owned Guaranty Trust Bank is still in the process of determining how much capital injection they need. “The parent is in the process of injecting new capital,” Sonola told journalists.

“Capital is not a problem…the board has approved that they are willing to inject more capital.” The MD said this year alone, ten new branches are in the line-up in a growth plan that will see the bank open two branches every month. Some of the branches in places like Nakuru and Eldoret will also be relocated as the bank tries to change its image from the former Fina Bank. Earlier this year, GTBank acquired a 70 percent stake in mid-sized lender Fina Bank Group through a combination of capital injection as well as the acquisition of shares from its shareholders for a total cash consideration of Sh8.6 billion.

Written by PETER KIRAGU/Read more at Standard Digital