Nigeria’s Guaranty Trust Bank is reportedly weighing the acquisition of a Kenyan lender to deepen its presence on the continent.

The Lagos-based bank plans to boost the contribution of African subsidiaries to the bank’s income to nearly 30% of profit-before-tax over the coming three years, according to Bloomberg.

The figure was 15.3% last year, stated the publication.

“I think the place we will still like to do business or do an acquisition is Kenya,” Guaranty Trust Bank CEO Segun Agbaje stated at an investor call in Lagos.

However, the chief did not reveal any specific timeline for the takeover, added Bloomberg.

Guaranty Trust is currently awaiting the regulatory nod for a transition into a financial holding company in the second half.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Agbaje said that the transition will allow to launch payments as well as asset management units. Currently, the bank has offices in ten countries outside Nigeria, which includes Kenya.

Other Nigerian lenders in news

In January 2020, Nigeria’s Access Bank agreed to acquire up to 100% shareholding in Kenyan lender Transnational Bank.

The same month, Union Bank of Nigeria inked a deal to sell its 100% equity stake in UK subsidiary, Union Bank UK (UBUK), to MBU BidCo.

Last April, Zenith Bank has introduced an automated voice banking service, an interactive voice response (IVR) solution which allows customers to perform basic banking transactions over the phone.

Further, in November last year, a report said that the Central Bank of Nigeria (CBN) is planning to create a bridge bank to aid troubled lenders in the country.