In Summary
  • In a Gazette notice on Friday, the Competition Authority of Kenya approved plans by Guaranty Trust to buy a 70 per cent stake in Fina Bank, a local mid-tier commercial bank, which has operations in Kenya, Rwanda and Uganda.
  • The bank hopes to replicate its strategy in the East African region by tapping in the nascent oil and gas sectors. Exploration of oil is going on in the region.

Guaranty Trust, a Nigerian bank can now go ahead with the acquisition of Fina Bank.

In a Gazette notice on Friday, the Competition Authority of Kenya approved plans by Guaranty Trust to buy a 70 per cent stake in Fina Bank, a local mid-tier commercial bank, which has operations in Kenya, Rwanda and Uganda.

“The Competition Authority authorises the proposed acquisition of 70 per cent issued shares capital in Fina Bank (Kenya) by Guaranty Trust Bank,” said Wang’ombe Kariuki, Competition Authority’s director general, in a Kenya Gazette notice.

The acquisition will now see the local bank, which has Sh28.7 billion in assets, rebrand to Guaranty Trust Bank Kenya Limited.

Kenya’s Central Bank already approved the buyout, which took effect from November 8.

REACHED AGREEMENT

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