Wema Bank to Raise 150bn Offer

November 30, 2007 by bunmi

In order to enhance its working capital as well as extend its banking services to the offshore, Wema Bank Plc has made known its plans to raise a sum of N150 billion capital soon. N85 billion is expected to be raised through an offer in the Nigerian capital market while foreign investors would invest N65 billion.

Mr. Tunde Olofintila, Head of Corporate Communication of the bank, stated that offer which is expected to be concluded before the end of the first quarter of 2008 would be used for branch expansion, information technology strategies, enhancing its subsidiaries and customer services.

Olofintila said the bank intends to go international by opening branches in China, London, Ghana, South Africa and some other countries. It has also set a goal of being one of the first 5 banks in Nigeria’s banking sector by 2010.

However, the result of the bank’s financial reports has been so far encouraging. In the second quarter of the financial year ended September 30, 2007, it recorded a profit before tax of N7.6 billion compared to N4.24 billion of 2006, which is an increase of 79%.

Its profit after tax of the same year increased by 91% with N6.4 billion as against N3.3 billion of 2006 while its gross earning of unaudited results increased by 75% in its N20.59 billion compared to N11.75 billion of 2006.

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