Guaranty Trust Bank (Kenya)

Guaranty Trust Bank (Kenya) Ltd, commonly referred to as GTBank Kenya, is a commercial bank in Kenya and a subsidiary of the Nigerian Guaranty Trust Bank Plc. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[2]

Guaranty Trust Bank (Kenya) Ltd
TypeCommercial Bank
IndustryBanking
Founded1986 (1986)
HeadquartersNairobi, Kenya
Key people
Dhanu Hansraj Chandaria (Chairman), Olabayo Veracruz (Managing Director)[1]
ProductsLoans, Savings, Transaction accounts, Investments, Debit Cards, Credit Cards Business Banking, Personal Banking, E-Channels, Treasury Services
Total assetsUS$242.2 million (KES:20.94 billion) (2010)
Number of employees
300+
ParentGuaranty Trust Bank (70%)
Websitegtbank.co.ke

The bank provides banking services with focus on Corporate Banking, SME Banking, Personal Banking, Private Banking and Treasury Services.

As of December 2011, the bank was a medium-sized financial services provider, providing commercial banking services to individuals and organisations. At that time, its total asset valuation was estimated at US$242.2 million (KES:20.94 billion).[3] In 2013, GTBank Kenya was ranked number 22, by assets, among 43 licensed banks in Kenya then.[4]

History

The bank was founded in Nairobi, in 1986, as Finance International Limited, a "Non-Banking Financial Institution" (NBFI). The name of the institution was later changed to the Finance Institution of Africa (FINA). In 1991 the company changed ownership. In 1995, the Central Bank of Kenya, the country's banking regulator, changed the banking laws, requiring all NBFI's to convert to commercial banks or close shop. To comply with the law, FINA converted to a commercial bank, Fina Bank (Kenya) Limited, in February 1996.

Between 2005 and 2008, Fina Bank Kenya established subsidiaries in Rwanda and Uganda, forming the Fina Bank Group.

In 2013 Guaranty Trust Bank of Nigeria, acquired 70% shareholding in Fina Bank Group for a cash consideration of US$100 million.[5] In January 2014, Fina Bank Kenya and her subsidiaries rebranded to reflect the change in ownership. In February 2014, Fina Bank Group rebranded to Guaranty Trust Bank (East Africa).[6][7][8]

See also

References
  1. Ngigi, George (21 January 2014). "Nigeria's Guaranty Names New Fina Bank CEO After Buyout". Business Daily Africa (Nairobi). Retrieved 8 August 2014.
  2. "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya. Retrieved 8 August 2014.
  3. "Audited 31 December 2010 Annual Report And Financial Statements" (PDF). FinaBank.com. 29 March 2011. Retrieved 8 August 2014.
  4. "Kenya Bank Rankings 2013". Bankelele.Co.Ke. 28 April 2014. Retrieved 8 August 2014.
  5. "Nigerian Lender To Buy 70% Stake In Kenya's Fina Bank". Business Daily Africa (Nairobi) Quoting Reuters. Retrieved 8 August 2014.
  6. Egene, Goddy (25 December 2013). "GTBank Concludes Acquisition of Fina Bank, Kenya". Thisday (Lagos) via AllAfrica.com. Retrieved 8 August 2014.
  7. Odyek, John (23 January 2014). "Fina Bank Uganda Sold To Nigerian Bank Group". New Vision. Retrieved 8 August 2014.
  8. "Takeover Raises GTB Credit Rate". Business daily. 10 August 2014.
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