Fina Bank Group, was a financial services organization in

East Africa East Africa, Eastern Africa, or East of Africa, is the eastern subregion of the African continent. In the United Nations Statistics Division scheme of geographic regions, 10-11-(16*) territories make up Eastern Africa: Due to the historical ...

located in

Nairobi Nairobi ( ) is the capital and largest city of Kenya. The name is derived from the Maasai phrase ''Enkare Nairobi'', which translates to "place of cool waters", a reference to the Nairobi River which flows through the city. The city proper ha ...

, Kenya, with subsidiaries in

Kenya ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

Rwanda Rwanda (; rw, u Rwanda ), officially the Republic of Rwanda, is a landlocked country in the Great Rift Valley of Central Africa, where the African Great Lakes region and Southeast Africa converge. Located a few degrees south of the Equator ...

and

Uganda }), is a landlocked country in East Africa East Africa, Eastern Africa, or East of Africa, is the eastern subregion of the African continent. In the United Nations Statistics Division scheme of geographic regions, 10-11-(16*) territor ...

. It was acquired by Guaranty Trust Bank in 2013 and renamed soon after. Before its takeover, Fina Bank Group was a medium-sized financial services provider in

, focusing on meeting the banking needs of SME businesses. , the total group assets were estimated at US$241 million, with shareholders' equity valued at approximately US$23.8 million. At that time, the Group operated 25 bank branches in the region (13 in

Kenya ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

, 6 in

and 6 in

). In July 2013, the Group's total assets were valued at US$338, with shareholders' equity in excess of US$140 million. At that time, the Group operated 38 bank branches across

; 17 in

, 14 in

Kenya ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

and 7 in

History

The institution began operations as a non-banking financial company, in 1986. In 1991 it was acquired by private investors, who converted it into a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

, in 1995, following the acquisition of a banking license from the Central Bank of Kenya, the country's banking regulator. The bank opened its doors as a fully fledged commercial bank in 1996. In 2004, Fina Bank acquired BACAR, a privately owned bank, that had been seized due to managerial reasons, by the

National Bank of Rwanda The National Bank of Rwanda ( rw, Banki Nkuru Y'u Rwanda, french: Banque Nationale du Rwanda) is the central bank of Rwanda. The bank was founded in 1964. The current governor of the bank is John Rwangombwa. Location It is quartered at the N ...

, Rwanda's banking regulator. In 2005, the bank changed its business strategy and re-launched Fina Bank as a banking institution that focuses on serving small and medium-sized enterprises (SMEs). Between 2005 and 2008, the bank re-organized its operations in Rwanda and continued branch expansion in Kenya. In 2008, Fina Bank re-organized its operations in Rwanda and opened up business in

with two brand new Branches. In July 2013, the Nigerian lender Guaranty Trust Bank, acquired 70% shareholding in Fina Bank Group for a cash infusion of US$100 million. In January 2014, the member companies of Fina Bank Group rebranded as subsidiaries of Guaranty Trust Bank. GT Bank Concludes Acquisition of Fina Bank Group
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References

{{Banking in Kenya, state=expanded Banks of Kenya 2013 mergers and acquisitions

History

See also

References