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GT Bank sees 10 pct of profit from outside Nigeria by 2016


Nigeria’s Guaranty Trust Bank expects to generate one tenth of group profit outside the country by 2016, after it digests recent acquisitions in East Africa, its chief executive said on Wednesday. 'We think East Africa will do well for us, we think Ghana will continue to do well ... and we will go into one more country before 2016 and that will push us,' CEO Segun Agbaje told a media briefing. Banks in Nigeria, Africa’s biggest economy, have been expanding across the continent in recent years to diversify their earnings base. Rival lender UBA, with 19 African subsidiaries has said it expected half of its profit to come from outside Nigeria by 2015, up from 23 percent.
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