GT Bank eyeing expansion in East Africa
Guaranty Trust Bank is considering expanding outside Nigeria into East Africa. The bank, which already has units in Kenya, Uganda, Rwanda, and Tanzania is considering to further its reach in the region.
Segun Agbaje, GT’s CEO says the bank is considering expanding its existing businesses. “In East Africa, we have to do one of two things: we either have to bring in capital or we have to think of acquisitions.” said Mr. Agbaje.
While the bank posits a colorful regional performance and impressive profit margins, East African Giants like Equity bank and KCB might challenge its dominance.
GT Bank is one of the largest lenders in West Africa. It has 231 branches in 11 countries.
GT’s expansion agenda follows United Bank of Africa’s move to recover from a 2016 recession which resulted in an increase in Non Performing Loans in Nigeria.