More banks set to unfold plans

Date: 21-10-2010 12:20 pm (13 years ago) | Author: Aliuniyi lawal
- at 21-10-2010 12:20 PM (13 years ago)
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THE banking sector is on the upbeat, as banks are scrambling to unfold their plans in the light of the new banking model set to take off in the country next year.

However, shareholders said they were watching with great interest and caution.

Competent sources at both Skye Bank and Access Bank told the Nigerian Tribune, in Lagos, that arrangements had been concluded to announce their plans, adding that they were mindful of the Central Bank of Nigeria’s (CBN) December ending deadline.

Specifically, the source at Skye Bank disclosed that the bank would go for the international operating licence, as it was sure of meeting the capital base.

Only recently, Skye Bank appointed a new chairman in preparation for the new banking model.

So far, three banks have outlined their new business strategies. FirstBank said in April said it planned to form a listed holding company which would own the bank and its subsidiaries.

According to the Chief Strategy Officer, Onche Ugbabe, the bank would likely be de-listed to be replaced on the stock exchange by the group holding company but gave no time frame.

Wema Bank also declared its intention to apply for regional licence. According to the bank’s Head of Corporate Communications, Mr Tunde Olofintila, it was to enable the bank to refocus its business in order to provide better services where it had traditionally been strong rather than dissipating efforts and achieving little.

Only last week, United Bank for Africa Plc (UBA), announced that it would be implementing an innovative holding company structure that would drive operational efficiency, support its ambitious growth strategies and be a significant driver of shareholder value.

“The new arrangement, which is subject to approval by the regulatory authorities, will see UBA Plc replacing its universal banking licence with an international banking licence. A scheme of arrangement will be put to shareholders and on approval, will be submitted to the high court. Implementation is expected in Q2 2011,” a statement from the bank read.

Posted: at 21-10-2010 12:20 PM (13 years ago) | Gistmaniac

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