GTB plans to acquire a Kenyan bank

Management of Trust bank guarantee is considering acquiring a Kenyan lender.

The bank’s chief executive, Segun Agbaje, revealed this during a conference call with investors in Lagos, Bloomberg reported on Monday.

According to him, this is part of the bank’s plan to expand its operations on the continent.

“I think the place where we will always like to do business or make an acquisition is Kenya,” he said, quoting Bloomberg.

GTB is Nigeria’s largest bank in terms of market capitalization. It already has branches in Kenya, Ghana and eight other countries.

The bank last week reported a 4.6% jump in its gross profits to N455.230 billion and a 2.33 percent increase in profits to N201.440 billion.

GTB announced in November that it had received approval in principle from the Central Bank of Nigeria to switch to a holding company through a merger plan between the lender and its shareholders.

This decision will allow it to follow the path of its rival FBN Holdings and Stanbic IBTC Holdings.

The holdco structure will allow a new group of companies called the parent company to hold the outstanding amounts of the companies making up the group, while retaining only control capacities over them without participating in the day-to-day management of the companies.

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Jamie Collins

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