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Wema Bank is set to raise N50bl through the debt capital market, as part of its drive for growth and business expansion in the Nigerian financial services industry.
The Managing Director/Chief Executive Officer Mr. Segun Oloketuyi disclosed this at the media roundtable today with business editors and senior correspondents in the country.
Mr Oloketuyi noted that this was part of the strategy of the bank, as it embarked on a “ going-for-growth” measure to reposition Wema, as one of the key banks in Nigeria.
He said the response from investors in the market was encouraging, considering the compelling story of a 7 years turnaround of the bank from distress to productivity.
The Wema Bank boss stated that the debt capital raising, will be in two tranches, the first N20bl and the second one to be done later N30bl.
According to him, the bond will enable the bank to leverage on its operations in the banking sector and sustain the provision of quality services to customers.
Oloketuyi highlighted some of the key features of the bank’s transformation to include; reduction of its NPL from -89%(2009) to 2.9%(2016) and an improved capital base from negative -N46bl(2009) to sufficient N45bl(2016).
He further asserted that the bank has invested in technology to drive efficiency and provide real-time service delivery in the financial market.
This informed the deployment of finacle 10.2, improved internet and mobile banking platforms, increase of ATMs to over 200 across the 160 branches and the use of 6,000 POS terminals.
Mr Oloketuyi said the bank was focused on playing the long haul in the digital technology space, which explained the development of innovative products namely; “card control” for customers, “Buxme” money transfer service and the *945# USSD banking.
Speaking on branch expansion, the financial market leader hinted that the bank was planning to extend its frontiers to 4 additional cities this year Kaduna, Aba, Minna and Enugu.
Giving his perspective on the challenging economic environment, Mr Oloketuyi was optimistic about the Wema Bank which has a stable outlook rating from GCR, Agusto & Fitch.
The Managing Director/Chief Executive Officer Mr. Segun Oloketuyi disclosed this at the media roundtable today with business editors and senior correspondents in the country.
Mr Oloketuyi noted that this was part of the strategy of the bank, as it embarked on a “ going-for-growth” measure to reposition Wema, as one of the key banks in Nigeria.
He said the response from investors in the market was encouraging, considering the compelling story of a 7 years turnaround of the bank from distress to productivity.
The Wema Bank boss stated that the debt capital raising, will be in two tranches, the first N20bl and the second one to be done later N30bl.
According to him, the bond will enable the bank to leverage on its operations in the banking sector and sustain the provision of quality services to customers.
Oloketuyi highlighted some of the key features of the bank’s transformation to include; reduction of its NPL from -89%(2009) to 2.9%(2016) and an improved capital base from negative -N46bl(2009) to sufficient N45bl(2016).
He further asserted that the bank has invested in technology to drive efficiency and provide real-time service delivery in the financial market.
This informed the deployment of finacle 10.2, improved internet and mobile banking platforms, increase of ATMs to over 200 across the 160 branches and the use of 6,000 POS terminals.
Mr Oloketuyi said the bank was focused on playing the long haul in the digital technology space, which explained the development of innovative products namely; “card control” for customers, “Buxme” money transfer service and the *945# USSD banking.
Speaking on branch expansion, the financial market leader hinted that the bank was planning to extend its frontiers to 4 additional cities this year Kaduna, Aba, Minna and Enugu.
Giving his perspective on the challenging economic environment, Mr Oloketuyi was optimistic about the Wema Bank which has a stable outlook rating from GCR, Agusto & Fitch.
