GTBank unveils plan to acquire Kenyan lender

Guaranty Trust Bank Plc, Nigeria’s biggest lender by market value, has said it plans to acquire a Kenyan lender as part of its expansion on the continent.

“I think the place we will still like to do business or do an acquisition is Kenya,” the bank’s Chief Executive Officer, Segun Agbaje, was quoted by Bloomberg as saying at an investor call in Lagos.

The Lagos-based lender already has offices in 10 countries outside Nigeria including Kenya. It wants to increase the contribution of African subsidiaries to the bank’s income to about 30 percent of profit before tax in the next three years from 15.3 percent in 2020.