GT BANK SET FOR KENYAN MARKET
-By Oriade Ayomide
Guaranty Trust Bank is set to surge into the Kenyan banking sphere as the bank is set to open its outlets over the and even deliver cash at home for Kenyan depositors, in the next few days. GTBank bought a 70 percent stake in Kenya’s Fina Bank for $100 million last year to give it access to the wider east Africa market including Tanzania.
According to the bank’s Chief Executive officer, Segun Agbaje, aiming to win market share in one of the toughest markets for foreigners in Africa, he however stressed that the bank will tap into the available marketing opportunities in the Kenyan environment in order to establish the brand in the GT brand in the East African country. “When you come into any market you have to bring something different. There are about six banks which are considered tier 1. We are going to move this bank from where it is to just under the tier 1 banks over a five-year period.” Agbaje also stated that GTB already operates in Uganda and Rwanda and is planning to expand into Tanzania in the next three years.
The bank’s foray into Kenya means it will be joining Nigerian financial brands such as Ecobank and UBA which have both expanded to Kenya in recent years.