Wema plans N130bn capital base, 200 branches


March 13, 2006/punch




Wema Bank Plc has begun moves to increase its branch network from 136 to 200 in the next two years. The Chief Executive of the bank, Mr. Adebisi Omoyeni, disclosed this in Abeokuta on Saturday, during his visit to the Ogun State Governor, Otunba Gbenga Daniel.

Omoyeni stated that after consolidation, the bank’s capital base had increased to N26.2 billion, adding that Wema planned a further increase in the capital base to N130 billion.

He said, “Currently, we have 136 branches scattered in the 26 states of the federation. We intend to increase our branch network to 200 within the next two years.”

The managing director disclosed that this year alone, the bank would open 40 branches.

According to him, the bank intends to cover all states of the federation.

While fielding questions from journalists after the visit, Omoyeni said the bank might return to the capital market to raise its capital base.

He stated, “We are going to N130 billion. The capital market is an option. We can have a strategic alliance with a foreign bank. It is also an option.”

As part of efforts to fulfill banks’ promise to the Federal Government, the managing director said Wema Bank would place more emphasis on agriculture.

Omoyeni disclosed, “We are currently putting close to N5 billion in agriculture and we have the capacity to do more.”

According to him, in the last one and a half months, the bank has been able to raise its deposit by over N20 billion.

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