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First Inland Bank shops for N100bn


October 11, 2007/Punch



The Managing Director/Chief Executive, First Inland Bank Plc, Mr. Okey Nwosu has restated the bank’s the bank resolve to access the capital market for fresh funds in order to take its pride of place in the industry.


Speaking at a media briefing in Lagos on Wednesday, the First Inland boss said the Nigerian banking industry had stabilised to a level where operators are expected to refocus their operations.


The bank, according to him, is raising N100bn in form of debt and equity, a development, he said, will make First Inland Bank competitive in the face of the emerging challenges in the international banking climate.


Explaining the choice of debt and equity, Nwosu said that debt, as a choice of raising funds, give investors the opportunity of making a quick returns. He said that time had come for banks to consider the interest of foreign investors who are daily streaming to Nigeria.


“According to him, most of the foreign investors that came to Nigeria did so with debt option. The debt option is targeted at foreign investors as convertible debenture,” he stated.


The bank boss said that in spite of the rising fortunes of the Nigerian Banks, there are still some opportunities which were yet to be tapped by the banks.


He said that plans are afoot to take First Inland bank to other countries in the sub-sahara Africa.


He disclosed that First Inland Bank has already signed a contract with a South African firm on the rebranding of the bank.


Nwosu stated that although the number of banks branches have risen considerably in the recent time, a large number of Nigerians still do not have access to bank branches especially, in the rural areas.


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