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   Market Date: 29-01-2015   
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Afribank recoversN25bn debt

Category: Investors NewsBeat

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Afribank recoversN25bn debt

Afribank Plc said it has recovered a total of N25 billion from its debtors, even as it assured customers that its ongoing plan to reposition the bank will give priority to building a better model and development of customer-focused products.

Also, the bank said that its increasing liquidity position, which was made possible by continuous recovery of debts and coupled with the fund injected by the Central Bank of Nigeria (CBN), had given it the needed impetus to grow profitability to investors.

A statement from the bank, at the weekend, said: “The action plan, which is premised on ‘stability and business continuity,’ will facilitate the implementation of business process re-engineering, commitment to best ethical practices and professional conducts and delivery on promise and expectations to stakeholders, including customers.

According to the statement: “As at last week, the bank had recovered over N25 billion of debts owed it and this had continued to bring its indices within regulatory prescriptions.

“The bank is also leveraging on its market friendliness and customer-centric initiatives to grow new businesses and attracts deposits,” it added. The bank said, the thrust of its business model was focused on initiatives that would further enhance its profile and ability to service its diverse customers more competitively in its efforts to be a bank of choice in the industry.

The bank explained that the new business paradigm, which would have global standard, was being arrived at after a strategic and comprehensive review of its existing business processes, placing it side by side with the challenges of meeting the needs of modern day banking public.

(Source:Nigerian Tribune)

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