Fina Bank Group Expands Through Strategic Acquisitions

Fina Bank Group has made significant strides in its expansion efforts through strategic acquisitions. The group has successfully integrated several banks, increasing its market share and customer base.

One notable acquisition was that of Kenya's Imperial Bank, which has significantly boosted Fina's presence in the region. This move has enabled Fina to tap into new markets and offer its services to a broader customer base.

Fina's strategic acquisitions have also enabled it to expand its product offerings, including digital banking services. This has allowed the group to stay competitive in the market and meet the evolving needs of its customers.

The group's commitment to innovation and customer satisfaction has been a key driver of its success.

Fina Bank Group has a rich history that dates back to 1986 when it began operations as a non-banking financial company.

The institution was acquired by private investors in 1991, who then converted it into a commercial bank in 1995 after obtaining a banking license from the Central Bank of Kenya.

In 1996, the bank officially opened its doors as a fully fledged commercial bank.

Fina Bank made a significant move in 2004 by acquiring BACAR, a privately owned bank, which had been seized by the National Bank of Rwanda due to managerial reasons.

Between 2005 and 2008, the bank re-organized its operations in Rwanda and expanded its branch network in Kenya.

In 2008, Fina Bank further expanded its presence by opening new branches in Uganda.

A major milestone was reached in 2013 when Guaranty Trust Bank acquired a 70% shareholding in Fina Bank Group for a cash infusion of US$100 million.

The member companies of Fina Bank Group rebranded as subsidiaries of Guaranty Trust Bank in January 2014.

Guaranty Trust Bank has acquired a 70% interest in Kenya's Fina Bank Group. The deal was completed last week and is consistent with the company's plans to expand into east Africa.

Fina Bank Group was founded in 1991 in Kenya and has subsidiaries in Uganda and Rwanda. The bank's name and colors will be rebranded with those of GT Bank.

The acquisition is valued at $100 million and requires some regulatory approvals to be finalized. The approval from the Kenyan Central Bank was given on November 8, 2013.

GT Bank is expected to transfer its expertise and dedication to service to its new outlets in east Africa. The bank's subsidiaries in Uganda and Rwanda will undergo a similar change of identity.

Fina Bank Group was one of the largest local financial institutions in east Africa, with over 500 employees serving in 38 offices in 3 countries. The bank's total assets grew from $241 million in 2012 to $338 million in 2013.

Similar acquisitions to this one are likely to be made in other east African countries in the near future.