Lagos - The Central Bank of Kenya (CBK) has approved the takeover of Fina Bank Kenya by Nigeria's Guaranty Trust Bank (GTB).
GTB has been allowed to acquire a 70 per cent shareholding in the Kenyan bank, which also operates in Uganda and Rwanda, reports Business Daily
Njuguna Ndung'u, CBK’s governor, said the deal was ratified by Fina Bank's shareholders during an extra-ordinary general meeting held on June 27 where they resolved to sell the 70 per cent stake.
The approval for acquisition, which is estimated at $100 million, took effect from November 8, 2013. The resulting institution is now Guaranty Trust Bank Kenya Limited.
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