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Nigeria’s Biggest Bank May Make Deals to Expand in East Africa


Photographer: Issouf Sanogo/AFP via Getty Images

Guaranty Trust Bank Plc will consider acquisitions outside its home market as Nigeria’s biggest lender by market value seeks to expand on the rest of the continent.

The company, which already has offices in 10 countries outside Nigeria, is looking to East Africa for growth, Chief Executive Officer Segun Agbaje said on a call with investors from Lagos on Tuesday. Guaranty Trust Bank, or GTB, already has operations in Kenya, Uganda, Tanzania and Rwanda, and will also consider ways of expanding existing businesses, he said.