GT Bank in county expansion plans

August 21, 2014
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GT Bank Managing Director Adekunie Sonola says the bank intends to open 10 branches by June 2015/CFM
GT Bank Managing Director Adekunie Sonola says the bank intends to open 10 branches by June 2015/CFM
NAIROBI, Kenya Aug 21 – Guaranty Trust (GT) Bank Kenya plans to roll out 60 branches in the next four years in all counties as its seek to expand its presence in the country.

GT Bank Managing Director Adekunie Sonola says the bank intends to open 10 branches by June 2015.

Sonola says the bank is planning to buy property that will host some of the new branches in counties that include Machakos, Mombasa region and the lake region.

“We will buy property in the counties we set up branches in, to affirm our presence in those countries,” he said.

He says the parent bank in GT Bank PLC has approved to inject more capital in the Kenyan market to boost its expansion plans.

“We are still determining how much we need for the expansion, we are also planning to roll out other new products to boost our presence and customer base in the country,” he said.

He said the company underwent a system upgrade at a cost of Sh800 million in the last six months that will increase efficiency and lower costs.

“On the past six months the bank has achieved commendable milestone in terms of changing the core banking system that has reduced to cost to income ratio by 14 percent we are hoping it will further go down to 20 percent in the next six months ,” he said.

He said the new upgrade will see the bank roll out other new products and services in the market including a Small, Medium Enterprise (SME) product.

The bank got into the Kenyan market by acquiring 70 percent Fina Bank group at a cost of Sh8.8 billion.

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