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FinBank sets October deadline for recapitalisation

Category: Capital Market

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FinBank sets October deadline for recapitalisation



June 6, 2011 by HELEN OJI  
IN line with the Central Bank of Nigeria (CBN) directive, FinBank Nigeria Plc has expressed its readiness to conclude the process of recapitalisation of the bank before October this year.
The Group Managing Director of the bank, Mrs Sussan Iroche stated this during the bank’s zonal draw of FinSplash Saving Promo in Lagos over the weekend.
Iroche explained that the bank has executed a Memorandum of Understanding (MOU) with the apex bank, adding that the recapitalisation process of the bank was on course.
“We have already publicised that we have executed an MOU with CBN and we have no objection letter from CBN. For us, recapitalisation is on course and we are very confident about that. We are fully on course,” she assured.
She explained that the aim of the promo is to promote savings as well impacting on the live of the people. She said the exercise has enhanced the banks portfolio and help increase its business activities.
The Executive Director, North \Retail banking of the bank, Mr. Adams Nuru, who stated that the draw marks the 15th in the series of the zonal draws nationwide and the fourth in the Lagos State, also explained that 532 people have emerged winners across the country.
“ For us as a bank, it has been a positive experience offering products that empower Nigerians and other and our customers in particular. The promo revolves around the bank’s outstanding savings product such as FinSave, Leaders Educational Account Plan (LEAP) NairaWise and Generic Savings Account.”
She added that products are introduced to encourage savings culture and built stable funds for investment.
She explained that in LEAP, the bank can take up payment of fees for a customer while the customer pays afterwards.
As Nigeria is moving towards a cashless society, according to Nuhu, the “Flash Me Cash” introduced by the bank would also afford customers the opportunity to withdraw beyond N1million on a daily basis.
“ As Nigeria is moving towards a cashless society, with the apex bank’s regulation that  an individual can not draw more than N150,000 the product gives you the opportunity to transact business beyond a million naira on a daily basis without hurdles,’’ she added .
Source: Guardian

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