N35 billion Private Placement: Wema Bank Gets SEC Nod

Wema Bank, Nigeria’s longest surviving and most resilient lender has received regulatory approval from the Nigerian Stock Exchange (NSE) and Securities & Exchanges Commission (SEC) and subsequently held its completion board meeting yesterday to commence its proposed N35billion special placingand subsequent listing of the shares on the floor of the exchange. With this development, it is expected that the Bank will complete the process of raising the required capital before April 30, 2013.

According toSegun Oloketuyi, MD/CEO of Wema Bank, the Bank is pleased with the approvals received as it signifies a key milestone in the entire process which began in December. The completion of the placement process will further enable Wema Bank compete more effectively in the banking industry and also enhance the quality of products and services being offered to anincreasing customer base. “We will remain focused on efficient service delivery whilstscaling our business organically and strategically for superior returns to all stakeholders”, he added.

Oloketuyi also expressed his appreciation to all regulators who have supported the ongoing transformation process in the bank and also praised the painstaking efforts of all parties to the offer in ensuring strict compliance and adherence to all regulatory requirements by the bank thathasmade the approvals possible.The Bank expects to use the funds realized from the special placing to grow its business, invest in IT infrastructure and expand its operations.

On seeking a National BankingLicenseto enable it expand its scope of physical operations beyond the current geographical boundaries; Oloketuyi saidthe process of exploring available options to securing a National Banking License from the Central Bank will commence upon completion of the special placing.

In December 2012, Wema Bank announced plans to raise capital by way of a special placing with commitment from investors already secured to the tune of the N35billion offer size. From all indications and with already high interest and demand, the placing will be fully subscribed.

Established in 1945, Wema Bank is reputably Nigeria’s most resilient bank and longest surviving indigenous financial institution. The Bank offers a range of corporate banking, retail banking and e-banking solutions and services in addition to top-notch financial advisory services to its discerning clientele.

The Herald NG

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