Wema Bank Plc to raise N150 billion in 2008
December 11th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Few weeks after being placed on technical suspension,indications have emerged that Wema Bank has concluded plans to raise N150 billion from the capital market through a combination of offers for subscription and foreign capital injection.
This the bank intends to do by raising N85 billion locally from Nigerian capital market while the balance of N65 billion would be in the form of foreign capital injection.
Information from the bank has also confirmed that international branches had been slated for opening in London, South Africa,China and Ghana to avail the international community of the excellent services of the bank.
It would be recalled that the bank had been undergoing some tough times as a result of majority of its shares being held by a group known as the O’DUA GROUP. However, upon divestment by the group, the fortunes of the bank changed positively with management restructuring as well as re-branding.
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i hope what is being said is not true that the asset of a whole group is on the verge of being mortgaged by few wema needs money but it must remain odua that cn definately be achieved
odua owns wema