Guaranty Trust Bank (Kenya)

Guaranty Trust Bank (Kenya), commonly referred to as GT Bank Kenya, is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.^[2]

Overview

The bank provides a full array of banking services but focuses particularly on meeting the banking needs of small and medium enterprises ("SME's"). As of December 2011, the bank was a medium-sized financial services provider, providing commercial banking services to individuals and organisations. At that time, its total asset valuation was estimated at about US$242.2 million (KES:20.94 billion).^[3] In 2013, GT Bank Kenya was ranked number 22, by assets, among 43 licensed banks in Kenya then.^[4]

GT Bank Kenya is a subsidiary of Guaranty Trust Bank, a Nigerian financial services conglomerate, with assets in excess of US$11.5 billion, as of March 2013. GT Bank has subsidiaries in the following countries:

1. GTBank Kenya - Nairobi, Kenya
2. GTBank Uganda - Kampala, Uganda
3. GTBank Rwanda - Kigali, Rwanda
4. GTBank Nigeria - Lagos, Nigeria
5. GTBank Côte d'Ivoire - Abidjan, Ivory Coast
6. GTBank Gambia - Banjul, Gambia
7. GTBank Ghana - Accra, Ghana
8. GTBank Liberia - Monrovia, Liberia
9. GTBank Sierra Leone - Freetown, Sierra Leone
10. GTBank UK - London, England, United Kingdom

History

The bank was founded in Nairobi, in 1996, as Finance International Limited, a "Non-Banking Financial Institution" (NBFI). The name of the institution was later changed to the Finance Institution of Africa (FINA). In 1991 the company changed ownership. In 1995, the Central Bank of Kenya, the country's banking regulator, changed the banking laws, requiring all NBFI's to convert to commercial banks or close shop. To comply with the law, FINA converted to a commercial bank, Fina Bank (Kenya) Limited, in February 1996.

Between 2005 and 2008, Fina Bank Kenya established subsidiaries in Rwanda and Uganda, forming the Fina Bank Group. In 2013 Guaranty Trust Bank of Nigeria, acquired 70% shareholding in Fina Bank Group for a cash consideration of US$100 million.^[5] In January 2014, Fina Bank Kenya and her subsidiaries rebranded to reflect the change in ownership. In February 2014, Fina Bank Group rebranded to Guaranty Trust Bank (East Africa).^[6][7]

Ownership

As of January 2014, the shareholding in the stock of GT Bank (Kenya) is as depicted in the table below:

Governance

GT Bank (Kenya) is governed by a nine-person board of directors. Dhanu Hansraj Chandaria, one of the non-Executive Directors is the chairman of the board. Adekunle Sonola, is the Managing Director and Chief Executive Officer of the bank. He is assisted by twelve other managers in supervising the bank's daily activities.^[8]

See also

References

External links

• GT Bank (Kenya)
• GT Bank (Rwanda)
• GT Bank (Uganda)
• Takeover Raises GTB Credit Rate

Banks of Kenya
Central bank	Central Bank of Kenya
Commercial bank	African Banking Corporation Bank of Africa Barclays Bank Bank of Baroda Bank of India Stanbic Bank Chase Bank Citibank NA Kenya Commercial Bank of Africa Consolidated Bank of Kenya Cooperative Bank of Kenya Credit Bank Development Bank of Kenya Diamond Trust Bank East African Development Bank Ecobank Kenya Equity Bank Family Bank FidelityBank First Community Bank Giro Commercial Bank Guaranty Trust Bank (Kenya) Guardian Bank Gulf African Bank Habib Bank Habib Bank AG Zurich Housing Finance Company of Kenya I&M Bank Limited Imperial Bank Limited Jamii Bora Bank Kenya Commercial Bank Middle East Bank Kenya M-Oriental Bank National Bank of Kenya NIC Bank Paramount Universal Bank Post Bank Prime bank Sidian Bank Spire Bank Standard Chartered Kenya Trans National Bank Kenya United Bank for Africa Victoria Commercial Bank
Financial services organization	Diamond Trust Bank Group Equity Group Holdings Limited Commercial Bank of Africa Group Guaranty Trust Bank (East Africa) I&M Bank Group Kenya Commercial Bank Group NIC Bank Group
Foreign banks	Bank of China Bank of Kigali HDFC Bank Nedbank The Hongkong and Shanghai Banking Corporation First Rand
Defunct banks	Dubai Bank Kenya Euro Bank
Microfinance Institutions	Faulu Microfinance Bank Limited SMEP Microfinance Bank Kenya Women Microfinance Bank
Related Topics	Automated Teller Machine (ATM) ATM usage fees De-Materialisation (DEMAT) Foreign Exchange (FOREX) Financial Services Real Time Gross Settlement (RTGS) National Electronic Fund Transfer (NEFT) Structured Financial Messaging System (SFMS)