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   Market Date: 27-01-2015   
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Banks’ shake up: Finbank recovers 10bn

Category: Capital Market

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Banks’ shake up: Finbank recovers 10bn



The Managing Director of Finbank, Mrs. Susan Iroche, on Wednesday disclosed that the bank had recovered over N10bn, being part of its non-performing marginal loans.



She also stated that to make sure that the situation did not repeat itself, the bank was strengthening its risk management processes.



Iroche noted that her immediate challenge was to ensure that good corporate governance was strictly adhered to, and to create a forum where employees of the bank could communicate directly with management.



The managing director, who spoke in Ilorin when she paid a courtesy visit to the governor, Dr. Bukola Saraki, in company with some executive directors also lauded the efforts of the Central Bank of Nigeria in cleansing the banking system.



She explained that the bank was leveraging in its area of comparative advantage, electronic and retail banking, noting that it was also embarking on cost reduction strategies without compromising quality of its services.



She added that in the short term, the bank was aiming at recovering over N30bn outstanding debts, while promising that the new bank was now “a clean break from the past.”



In his comments, the governor assured the bank of its continued support , just as he appealed to the MD to continue with the support of her bank for small-scale enterprises and the agricultural sector.


(Source: Punch)

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