Wema Bank to Raise N35 Billion by April


Wema Bank Plc yesterday indicated plans to complete a N35 billion private placement to strategic investors by the end of April to enable the commercial bank apply for a national banking license again.

Reuters quoted the Head of Corporate Communications, Wema Bank, Mrs. Kemi Aina, to have said this Thursday.

"We expect all arrangements to be concluded by the end of April 2013,” adding that the fresh capital would enable them seek a national banking license.

In the wake of the financial crisis, Wema bank was one of the lenders forced to recapitalise its operations by the central bank. It decided to meet tougher requirements by scaling down its business to become a regional bank in the 2009.

Wema Bank’s shares traded flat to close at N1.21 per share yesterday but it had risen 133 per cent so far this year, giving it a market capitalisation of around N15.13 billion.

Author: nmmin

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