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Wema Bank ready to secure national banking licence

04 October 2013, 14:36

Lagos - Segun Oloketuyi, Managing Director of Wema Bank, says the bank will  soon secure a national banking licence following successful completion of N40 billion special placement.

Oloketuyi disclosed this in a statement issued by the bank and made available to the News Agency of Nigeria (NAN) in Lagos.

He said that the bank would, in the next couple of days, commence the process of securing a national banking licence.

Oloketuyi also said that the bank had successful completed its N40 billion special placement and allotment of the shares as approved by the Securities and Exchange Commission (SEC).

He said that 26.68 billion ordinary shares of 50k each valued at N40 billion were allotted to successful institutional and private investors at N1.50k per share in two tranches.

"With this development, the share holding structure of the bank remains diverse with no single investor having  controlling shareholding in the bank," he said.

The managing director commended all its stakeholders for their support in ensuring the success of the capital raise drive which began few months ago.

He said that the board and management would remain committed to ensuring that the bank regained its pride of place in the industry without compromising on values and standards.

-  NAN

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