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Guaranty Trust to Buy 70% of Kenya’s Fina Bank for $100 Million

July 19 (Bloomberg) -- Guaranty Trust Bank Plc, Nigeria’s largest lender by market value, agreed to pay about $100 million for 70 percent of Kenya’s Fina Bank Ltd.

The deal is subject to regulatory approvals in Kenya, Nigeria, Rwanda and Uganda, the Lagos-based bank said in an e-mailed statement today.

Chief Executive Officer Segun Agbaje said in April that Guaranty Trust, which operates in six countries outside Nigeria, was targeting East African nations for their “appreciable gross domestic product, growing investments and ease of doing business.” Fina Bank had loans of $184 million and customer deposits of $285 million at the end of March, filings show.

Profit, excluding income from discontinued operations, rose 69 percent to 87.2 billion naira ($541 million) in 2012 from a year earlier, Guaranty Trust said on April 2.

Guaranty Trust rose 0.2 percent to 26.45 naira as of 11:43 a.m. in Lagos. The stock has advanced 15 percent this year compared with a 25 percent gain of 10-member Bloomberg Nigerian Stock Exchange Banking Index.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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