By Ademola Alawiye Friday, 3 Sep 2010    

 

The board of directors of Bank PHB Plc on Thursday, disclosed that four institutional investors had shown interest in the bank.The Chairman of the bank, Mr. Kola Abiola, stated this at a shareholders‘ interactive session in Lagos.

 

According to Abiola, ”We have received bidding from four institutional investors. We have held several talks with these prospective bidders, and we have streamlined them to two after serious consideration by the board and management of the bank.”Abiola, who did not mention the investors, said that the board would take a decision on the bidders soon.

 

He said, ”The next stage is for the bidders to submit their proposals. They have done their evaluation and very soon we will receive their proposals, thereafter, we will take a decision in the bank’s interest.”The Chairman also said that the bank was making progress with its recapitalisation plan, adding that the bank would meet the deadline set by the Central Bank of Nigeria for the rescued banks.

 

Meanwhile, shareholders present at the event urged the board to consider the interest of shareholders when taking decisions on the new investors.The Chairman, Ibadan Zone Shareholders‘ Association, Chief Aderemi Oyepeju also commended the board for its efforts towards debt recovery.

 

He said, ”We commend you for your efforts in recovering the bank‘s debt. However, we want you to do more. We want you to set up a special committee saddled with the responsibility of recovering money from the bank‘s debtors.”He added, ”Our position is that you should get a good bidder or core investor for the bank. In doing that, ensure that you look for an investor that will work with the shareholders.”

 

Speaking in the same vein, the Chairman, Shareholders Trustees Association, Mr. Mukhtar Mukhtar said that the shareholders were in support of the recapitalisation process, adding that the shareholders should be considered before taking any decision.

 

On loan recovery, Abiola said the bank had recovered N36.6bn between January and June this year, adding that N51bn was still expected from further recoveries, which include the ones that will be sold to the Asset Management Corporation.

 

Source:Punch