Guaranty Trust Bank complies with the Banking (Amendment) Act 2015
Interest rates on all existing and new loans will be capped at 14.5% effective September 2016.
Guaranty Trust Bank (Kenya) Ltd became the first mid-sized bank to comply with the new Banking (Amendment) Act 2015. The Bank announced that it will be capping interest rates on all existing and new loans at 14.5% effective September 2016.
“In complying with the spirit of the new law, we will be capping the interest rates on all existing and new loans at the proposed rate of 14.5%. The changes will be implemented beginning September 2016, ” said Ibukun Odegbaike, the Bank‟s Managing Director for East Africa.
“GTBank working with industry stakeholders, remains supportive of the new law; our focus is ensuring that we continue to serve our customers diligently, meeting their banking needs through our suite of products and services while upholding high standards of customer service,” she added.
Guaranty Trust Bank is an International Bank headquartered in Lagos, Nigeria and listed on the main market of the London Stock Exchange. The Bank entered the Kenyan market in 2013 and has been running a profitable business focused on corporate, commercial, mass affluent and high net worth individuals market segments.
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Notes to editors:
Guaranty Trust Bank PLC, is a foremost Banking Group headquartered in Lagos, Nigeria with over 10,000 employees in 10 countries in Africa and the UK. The Bank was first listed on the Nigeria Stock Exchange in 1996 and became the first Nigerian company to be listed on the London Stock Exchange in 2007. We are a high quality financial services provider with the urge to be the best at all times, running sustainable business models and adding value to all our stakeholders.
In 2013, GTBank opened doors in Kenya and the wider East Africa with operations in Uganda and Rwanda and in keeping with the GTBank spirit as a „Proudly African and Truly International‟ Bank. GTBank Kenya has 15 branches in major towns countrywide including Nairobi, Mombasa, Eldoret, Nakuru, Nanyuki, Thika and Meru.
GTBank is synonymous with innovation, customer service excellence, superior financial performance and creating role models for society. As a leader in technology, GTBank Kenya has built one of the most innovative e-banking platforms in Kenya providing cutting edge mobile and online banking solutions.