Guaranty Trust Bank Plc have made their plans known to expand to East Africa; with countries like Kenya, Uganda and Tanzania on their radar.
Mr. Segun Agbaje, the Managing Director, said that this move will help commercial banks create subsidiaries in the interested countries in East Africa.
The bank will “acquire lenders that are not that large, but profitable in those countries in the short term,” he added.
He fully then explained that GTBank, which is currently operating in six countries outside Nigeria, is targeting the East African nations owing to their “appreciable gross domestic product, growing investments and ease of doing business,” Agbaje added.
GTBank is seeking loan growth of 20 per cent this year from about 11 per cent in 2012 and intends to invest more in large oil and manufacturing companies, he added.
Agbaje had attributed the successful outing of the bank during the 2012 financial year to customer loyalty. Commenting on the 2012 financial report, he had stressed that no organisation in the world could be profitable if its customers did not believe and support its vision.
“There is a direct relationship between a company’s level of profitability and public perception about its brand. When people see a brand as a valued partner, they continue to do business with it, which ultimately translates to profitability.
“Companies on the other hand have a responsibility to ensure that their customers are satisfied at all times and treated with respect. This knowledge is the base rock upon which our 2012 performance is hinged,” he had explained.