Trade Bank

[BENKUSH]

Please kindly advice on the status of shares held in this bank. Did this bank went into liquidation or merge with another bank?

[faoogoke]

Originally Posted by BENKUSH

Please kindly advice on the status of shares held in this bank. Did this bank went into liquidation or merge with another bank?

The bank was supposed to merge with Afribank but had to chose to be liquidated because of the share exchange ratio Afribank came up with at the tail end of the consolidation excercise.
It is one of the banks CBN/NDIC plan to auction very soon.

[Apache]

Originally Posted by faoogoke

The bank was supposed to merge with Afribank but had to chose to be liquidated because of the share exchange ratio Afribank came up with at the tail end of the consolidation excercise.
It is one of the banks CBN/NDIC plan to auction very soon.

Actually, it's assets and liabilities (i think) has been acquired by UBA under the P & A scheme of NDIC. This means that former customers of trade bank will have their savings/ monies intact and can continue business as usual with UBA, however for Investors/ shareholders, it's a complete/ total loss of investment. Can someone corroborate this.
Sorry for the bad news

[jummie]

All the Trade Bank offices are occupied by UBA and there was a time they publish it in the dailies that all the customers of Trade Bank should come for verification of their Account at former Trade Bank offices but I dont know what happens to the shareholders of the Company.

[Dragon123]

Originally Posted by Apache

Actually, it's assets and liabilities (i think) has been acquired by UBA under the P & A scheme of NDIC. This means that former customers of trade bank will have their savings/ monies intact and can continue business as usual with UBA, however for Investors/ shareholders, it's a complete/ total loss of investment. Can someone corroborate this.
Sorry for the bad news

Those who bought the Trade Bank Public Offer of 2005 are to get their refund at WEMA Registrars, 42/43 Marina. There was a Newspaper publication to this effect very recently.

[Apache]

Wema Registrars concludes refund on defunct Trade Bank PO
Posted Monday, March 17, 2008

Wema Registrars has confirmed our enquiry on the refund of defunct Trade Bank Public Offering (PO). Niran Olawore, Head Operations of the firm disclosed this to Proshare NI.
Olawore told Proshare NI that returned money have been dispatched to investors by registered mails in the 2005 P.O of the defunct Trade Bank. “All has been dispatched and communicated to Nigerian Deposit Insurance Corporation (NDIC)” he said.
He confirmed to Proshare NI that details of the dispatch of the refund has been confirmed by the NDIC, “We even showed them some of the payment schedule” Olawore said.
“All refund money was paid at once and dispatched to investors, we didn’t do part payment, but paid all returned money at a go” he said.
Olawore affirmed to Proshare N/I that the process of returned money payment for the trade bank 2005 offer was commenced in January, 2008 and it ended February, 2008.
All these are coming on the heels of investors’ reaction that the company is doing business with investors returned money on the Trade Bank 2005 offering.
Though as at the time of filling in this report, Proshare NI do not have much detail concerning the Trade Bank 2005 offer.
Proshare NI was told that Registrars to the offer was UBA Registrars, but all efforts to get the officials of the firm to give further details to the Trade Bank offer was abortive as they were unable to provide same for review by Proshare NI.

[julian]

I want to know if any one has information about all states trust bank public offer as trade bank has start paying back to investors and when do we that participate in all states bank received our hard earn money, please guys if any one has more information