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First Inland Bank offer records 185.1% subscription

Category: Public Offers Private Placements

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First Inland Bank offer records 185.1% subscription

June 27, 2008/Guardian


* Eyes 300 branch network by December, set for full re-branding


First Inland Bank Plc has recorded a 185.10 per cent subscription for the five billion units of ordinary shares of the bank offered for sale at N9.50 kobo during its just concluded offer.


Though initial allotment as approved by the Central Bank of Nigeria and the Securities and Exchange Commission show only 69.20 per cent level of allotment for now, the apex bank is still verifying a total of 4.037 billion units of shares valued at about N38.35 billion which is expected to be considered for allotment for the bank.


According to the official announcements on the offer published in national dailies on Wednesday, a total of 263,848 applications for 9.254829 billion units of shares were received in connection with the offer.


A total of 263,845 applications for 9.254827 units were valid under the terms of the offer.


While reacting to the development and others during a luncheon with newsmen, the bank hinted of its intention for a total re-branding, which will include a logo change, increased bank networking and an immense improvement in the ways the bank\'s staff relate to its customers.


The bank\'s Managing Director, Okey Nwosu, made this revelation while addressing a team of journalists in Lagos recently, adding that the financial institution was set to increase its branch network by at least 200 branches, with half the number to be completed before the end of the current year.


The bank\'s re-branding efforts, according to Nwosu would be far-reaching, and \"will be reflected in the prototype branches of the bank\'s buildings both in their internal and external structures.


Nwosu added that the re-branding process would see the bank putting up subsidiaries outside the shores of Nigeria, especially in the West African, South African and East African sub-regions, to follow businesses being taken out of the country.


According to the bank boss, First Inland Bank aimed at doing business with both small and large African economies better than foreign banks currently were doing and specifically aimed at making its presence felt in at least five African countries before the end of the year.


Nwosu stated that the bank aimed at contributing its own quota in improving on the current figure of less than 20 million total deposit base for Nigerian banks, adding, \"with a population in excess of 140 million, we ought to have nothing less than a 100 million deposit base figure.\"


He further stated that the bank would pay more emphasis on retail banking, since \"that is where the future profit lies; we will, however, ensure that the targets set for out staffers, though challenging, are realistic.\"

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