By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s mid-tier lender, Wema Bank Plc is seeking to buy a mid-sized commercial Bank and will seek shareholders approval in May 2016 to enter talks for the deal, a Reuters report quoted Tunde Mabawonku, its chief financial officer (CFO) on Monday.
“Wema Bank is keeping a close eye on various offers for sale in the market,” the report quoted the CFO.
Also, the report affirmed that Wema Bank will seek shareholders approval to issue bonds or preference shares this year and aims to raise N20 billion ($100 million) in the first tranche of a N50 billion bond programme.
According to the report, Mabawonku said the mid-tier lender, which won regulatory approval last year to switch from regional to national bank, has suspended plans to issue foreign currency bonds because of currency risk and will instead stick to local bonds.
“We are in the process of completing documentation and we hope to file with the Securities and Exchange Commission (SEC) in a couple of days,” Mabawonku said.
Shares of Wema Bank at the close of today’s trading on the Nigerian bourse declined 1.35 percent to 0.73 kobo from 0.74 kobo posted the last session; losing 0.01 kobo per share.
