GTBank Plans to Acquire Banks in East Africa
Guaranty Trust Bank Plc (GTBank) has disclosed plans to acquire financial institutions in Kenya, Tanzania and Uganda in line with its expansion drive to East Africa.
Managing Director/Chief Executive Officer, GTBank, Mr. Segun Agbaje, said that the move would enable the commercial bank set up subsidiaries in the countries mentioned above.
The bank will “acquire lenders that are not that large, but profitable in those countries in the short term,”
Bloomberg quoted Agbaje to have said in an investors’ conference call in Lagos yesterday.
GTBank, which is currently operating in six countries outside Nigeria, is targeting the East African nations owing to their “appreciable gross domestic product, growing investments and ease of doing business,” Agbaje added.
GTBank is seeking loan growth of 20 per cent this year from about 11 per cent in 2012 and intends to invest more in large oil and manufacturing companies, he added.
Agbaje had attributed the successful outing of the bank during the 2012 financial year to customer loyalty. Commenting on the 2012 financial report, he had stressed that no organisation in the world could be profitable if its customers did not believe and support its vision.
“There is a direct relationship between a company’s level of profitability and public perception about its brand. When people see a brand as a valued partner, they continue to do business with it, which ultimately translates to profitability.
“Companies on the other hand have a responsibility to ensure that their customers are satisfied at all times and treated with respect. This knowledge is the base rock upon which our 2012 performance is hinged,” he had explained