Guaranty Trust Bank (East Africa)

Guaranty Trust Bank (East Africa)
Private
Industry Financial services
Founded 1986
Headquarters Kimathi Street, Nairobi, Kenya
Key people
 Dhanu Hansraj Chandaria
Group Chairman
Tim Marshall
Chief Group Operating Officer
Rajesh Kapoor
Group Managing Director
Products Banking, Mortgages Investments
Revenue Increase Aftertax: US$1.43 million
Total assets US$338 million (July 2013)
Website Homepage

Guaranty Trust Bank (East Africa), also known as GT Bank (East Africa), formerly known as Fina Bank Group, is a financial services organization in East Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda and Uganda.

History

The institution began operations as a non-banking financial company, in 1986. In 1991 it was acquired by private investors, who converted it into a commercial bank, in 1995, following the acquisition of a banking license from the Central Bank of Kenya, the country's banking regulator. The bank opened its doors as a fully fledged commercial bank in 1996.

In 2004, Fina Bank acquired BACAR, a privately owned bank, that had been seized due to managerial reasons, by the National Bank of Rwanda, Rwanda's banking regulator. In 2005, the bank changed its business strategy and re-launched Fina Bank as a banking institution that focuses on serving small and medium-sized enterprises (SMEs). Between 2005 and 2008, the bank re-organized its operations in Rwanda and continued branch expansion in Kenya.

In 2008, Fina Bank re-organized its operations in Rwanda and opened up business in Uganda with two brand new branches.[1]

In July 2013, the Nigerian lender Guaranty Trust Bank, acquired 70% shareholding in Fina Bank Group for a cash infusion of US$100 million.[2] In January 2014, the member companies of Fina Bank Group rebranded as subsidiaries of Guaranty Trust Bank.[3] In February 2014, Fina Bank Group rebranded to Guaranty Trust Bank (East Africa).[4]

Overview

GT Bank (East Africa) is a medium-sized financial services provider in East Africa, focusing on meeting the banking needs of SME businesses. In July 2013, the Group's total assets were valued at US$338, with shareholders' equity in excess of US$140 million. At that time, the Group operated 38 bank branches across East Africa; 17 in Rwanda, 14 in Kenya and 7 in Uganda.[5]

Member companies

The companies that comprise GT Bank (East Africa), include the following as at January 2014. The Government of Rwanda owns the 7.96% in Guaranty Trust Bank (Rwanda) that the Group does not own. [6]

Company Shareholding
Guaranty Trust Bank (Kenya) 100%
Guaranty Trust Bank (Uganda) 100%
Guaranty Trust Bank (Rwanda) 92.04%

See also

References

  1. ↑ The History of Fina Bank Group
  2. ↑ Guaranty Trust Bank of Nigeria Acquires 70% Stake In Kenya's Fina Bank Group
  3. ↑ GT Bank Concludes Acquisition of Fina Bank Group
  4. ↑ Fina Bank Rebrands Following Buyout By GT Bank
  5. ↑ Estimated Group Financials As of July 2013
  6. ↑ Fina Bank Group Increases Shareholding In Subsidiaries

External links

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