Wema Bank plc, which recently raised
N40 billion ($247.4 million) for expansion across the country, said it
is seeking an additional $200 million over the next two years to fund
its loan book.
“The sum of $100 million is planned to
be raised in the first quarter of next year and the balance by 2015,
when we would have improved on our return on equity,” Tunde Mabawonku,
chief financial officer, said in an interview on Monday. “We’re looking
at several options including bond, loan and debenture for funds.”
Wema Bank, which operates mainly in
western Nigeria and the capital, Abuja, plans to seek regulatory
approval for a national banking licence this year allowing it to operate
in Nigeria’s six regions, he said.
The Central Bank of Nigeria (CBN)
changed licensing rules as part of reforms after a debt crisis in 2009
brought the banking industry on the verge of collapse.
Lenders in Nigeria are either licensed
as holding companies operating local and international units, or as
national and regional banks.
The lender, according to Mabawonku,
plans to open additional 20 branches in Nigeria to increase the number
to 149. “Our loan book is planned to increase by 20 percent this year
and 60 percent in 2014,” he said.
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