Leading Nigerian financial institution, Guaranty Trust Bank (GTBank) has announced plans to expand its operations in Africa over a three-year period.
The bank, which recently acquired a 70 percent stake in Fina Bank Group as a strategy to gain entry into Uganda, Rwanda and Kenya, also plans to open in Tanzania, Mozambique or Angola.
According to the bank’s CEO, Segun Agbaje, this will help the bank deepen its retail operations in these regions and multiply earnings outside Nigeria to 10 percent of total earnings, which is projected to increase from the present 4 percent to 15 percent by 2016.
GTBank’s acquisition in Fina Group gives the bank presence in five countries in West Africa. This is exclusive of Nigeria, where it has 211 branches and still plans to add 25 more.
The bank projects an increase of 20 percent in retail deposits in Nigeria and is putting measures in place to double the current retail customers, which at the beginning of last year was pegged at 5.2 million people