Guaranty Trust Bank said on Thursday it had reached an agreement to acquire a 70 per cent stake in Kenya’s Fina Bank Limited for $100m.
According to a Reuters report, Fina Bank has total assets of $338m with operations in Kenya, Rwanda and Uganda, a GT Bank statement said, adding that its agreement to acquire the Kenyan bank is subject to regulatory approvals.
Meanwhile, Sterling Bank said on Thursday its half-year pre-tax profit grew 96.9 per cent to N6.3bn ($39m) as against N3.2bn in the same period a year ago.
According to a Bloomberg report, gross earning at the mid-tier lender rose to N41.9bn during the period, up 28 per cent, from N32.7bn in the same period last year, the bank said.