GTBank To Acquire Kenyan Bank

Nigeria's Guaranty Trust Bank intends to acquire a Kenyan lender in a bid to further expand its operations on the continent.

GTBank, one of the most valuable banks in Nigeria, also happens to be the country's biggest lender, recording the hefty sum of N1.66 trillion in loans and advances.

With its headquarters in Lagos and 231 branches across the country, the bank also has offices in 10 other African countries like Liberia, Sierra Leone, Ghana, Gambia, and Kenya.

The bank intends to get an increase of up to 30% in profits(before tax) from the 15.5% achieved in 2020 enabled by African subsidiaries. 

Segun Agbaje, the bank's Chief Executive said at an investor's meeting in Lagos, "I think the place we will still like to do business or do an acquisition is Kenya."

He however didn't give a specific date when the deal will close.

Just last week, GTBank recorded a rise in its gross earnings to N455.230 billion and a 2.33 percent rise in profit to N201.440 billion. The company's stock traded today at the same price of N31 per share. 

Nigerian banks are expanding to other countries on the continent and pursuing growth.

In November, GTB received approval-in-principle from the Central Bank of Nigeria in its plans to evolve into a holding company.