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Wema Bank raises N40Billion from successful special placing


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Nigeria

IMAGE: Wema Bank - Marina, Lagos Office »

Oct.22.2013

 

Wema Bank plc, Nigeria’s oldest indigenous lender, today listed 26,667,123,333 Ordinary Shares of 50k each from its special private placing on the floor of the Nigerian Stock Exchange. This comes immediately after the Bank released its 2013 Q3 results which saw Wema Bank sustain its

profits for the second consecutive quarter since 2009 and Gross Earnings hit N26.3billion.

In his comments, Tunde Mabawonku, Chief Finance Officer of the Bank reiterated the Bank’s appreciation to all stakeholders who participated in the N40billion capital raise by way of special placing. He further added that the performance of the Bank’s shares on the Exchange and subsequent listing of the ordinary shares from the successful special placing was testament to the confidence reposed in the Bank by investors, customers and shareholders alike. He was also confident that the Bank will continue its growth trend into the foreseeable future.

In an earlier statement, the MD/CEO of Wema Bank, Segun Oloketuyi said that the shareholding structure of the bank remains diverse with no single investor having a controlling shareholding. Over the past four (4) years,

Wema Bank has been successfully repositioned against all odds by creating a strong platform for sustainable superior financial performance through quality personnel, better risk management and corporate governance practices, improved systems and processes, and an enhanced capital base.

During the successful private placing, a total of 26,667,123,333 Ordinary Shares of 50k each valued at N40,000,684,999.50 were allotted to successful institutional and private investors at N1.50k per share in two tranches thereby raising the Bank’s paid up capital above the threshold for a National Banking License.

Established in 1945, Wema Bank currently offers a range of products and services in corporate banking, retail banking, e-banking, Trade services, treasury, SME banking and financial advisory to its numerous customers.

Article Credit: Business Day Newspaper

Updated 6 Years ago
 

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