Fina Bank Group
Fina Bank Group, was a financial services organization in East Africa located in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda and Uganda. It was acquired by Guaranty Trust Bank in 2013 and renamed soon after.
| Type | Private |
|---|---|
| Industry | Banking |
| Successor | Guaranty Trust Bank |
| Founded | 1986 |
| Defunct | 2013 |
| Headquarters | Nairobi, Kenya |
Key people | Dhanu Hansraj Chandaria (Group Chairman), Tim Marshall ( Chief Group Operating Officer) |
| Products | Banking, Mortgages Investments |
| Website | www |
Before its takeover, Fina Bank Group was a medium-sized financial services provider in East Africa, focusing on meeting the banking needs of SME businesses.
As of September 2010, the total group assets were estimated at US$241 million, with shareholders' equity valued at approximately US$23.8 million. At that time, the Group operated 25 bank branches in the region (13 in Kenya, 6 in Rwanda and 6 in Uganda).[1] In July 2013, the Group's total assets were valued at US$338, with shareholders' equity in excess of US$140 million.[2] At that time, the Group operated 38 bank branches across East Africa; 17 in Rwanda, 14 in Kenya and 7 in Uganda.[3]
History
The institution began operations as a non-banking financial company, in 1986. In 1991 it was acquired by private investors, who converted it into a commercial bank, in 1995, following the acquisition of a banking license from the Central Bank of Kenya, the country's banking regulator. The bank opened its doors as a fully fledged commercial bank in 1996.
In 2004, Fina Bank acquired BACAR, a privately owned bank, that had been seized due to managerial reasons, by the National Bank of Rwanda, Rwanda's banking regulator. In 2005, the bank changed its business strategy and re-launched Fina Bank as a banking institution that focuses on serving small and medium-sized enterprises (SMEs). Between 2005 and 2008, the bank re-organized its operations in Rwanda and continued branch expansion in Kenya.
In 2008, Fina Bank re-organized its operations in Rwanda and opened up business in Uganda with two brand new Branches.[4]
In July 2013, the Nigerian lender Guaranty Trust Bank, acquired 70% shareholding in Fina Bank Group for a cash infusion of US$100 million.[5] In January 2014, the member companies of Fina Bank Group rebranded as subsidiaries of Guaranty Trust Bank.[6]