This archive report was first published on 22 August 2019.
Published on August 22, 2019, Guaranty Trust Bank, a leading West African lender, is eyeing expansion into East Africa, a region where it already has a foothold in Kenya, Uganda, Rwanda, and Tanzania.
According to Segun Agbaje, the bank's CEO, GT Bank is considering expanding its existing businesses in the region, either by bringing in capital or exploring acquisitions.
While GT Bank boasts a strong regional performance and impressive profit margins, East African giants like Equity Bank and KCB may pose a challenge to its dominance in the region.
With 231 branches in 11 countries, GT Bank is one of the largest lenders in West Africa, and its expansion plans follow United Bank of Africa's move to recover from a 2016 recession in Nigeria, which led to an increase in non-performing loans.
