Proshare Logo
   Market Date: 18-12-2014   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Wema Bank Plc - Recapitalization Plans

Category: General


  Read (4658)
Wema Bank Plc - Recapitalization Plans



 
The Bank has notified The Exchange that its Board has approved recapitalization plans as follows;


1. The Bank intends to apply for a Regional License under the proposed new licensing regime of the Central Bank of Nigeria (CBN) when the guidelines are released.


2. Internal Recovery efforts are estimated to yield about N10billion between January & may 2010. The Bank is quite close in achieving the set target.


3. The Bank will leverage on recent initiatives of the CBN to:


• Discount some provisioned assets with the Asset Management company (AMCON) where at least N10billion would be recovered


• About N2billion of provisioned loans will be refinanced under the N200billion SME Refinancing Fund established by the CBN and being managed by the Bank of Industry


4. The Bank plans to raise capital through a special placing offer from:

• Selected Strategic Local Investors N15billion
• Identified Foreign Investors N34 billion

The Bank is optimistic that it will recapitalized within the time frame set by the Central Bank of Nigeria.


Contact
Oluwole Ajimisinmi
Oluwole.ajimisinmi@wemabank.com
Mobile + 234 802 3121 175

 



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on General

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Volunteer Program
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014