Abbey Strategic Deal With VFD to Facilitate Bank's Growth Plan, Shareholders' Value

Wednesday, February 26, 2020 / 10:30 AM / by VFD Group / Header Image Credit: The Nigerian Stock Exchange

Abbey Mortgage Bank Plc has announced that the strategic partnership with VFD Group Plc would enable the company play major roles in the financial service industry and ultimately boost shareholders' returns on investment.

Addressing stockbrokers during the 'Bell Ringing Ceremony' of the company held on the Nigerian Stock Exchange (NSE) in Lagos yesterday, the Managing Director of the company, Mrs Rose Ada Okwechime...assured  that the company would leverage VFD's innovative and aggressive drive to enhance shareholders' value and boost profitability going forward.

She said:" I am pleased to inform you that the strategic partnership which Abbey Mortgage Bank Pls have nurtured has resulted to VFD Group Pls, acquiring 35 per cent stake in Abbey Mortgage Bank Plc.

"The new investments will enable the two groups form a strategy that would propel us to play major roles in the financial services industry.

She added: "Abbey's stable, longstanding business ethics and customer centric culture will blend and grow with VFD's innovative and aggressive drive to create superior value."

According to her, the synergy would transform the firm into becoming a major player in the market, contribute to economic growth and deliver good returns to shareholders.

Abbey Mortgage Bank Plc was incorporated in 1991 and licensed to carry on business as a primary mortgage institution (PMI) by the Central Bank of Nigeria on January 11, 1992. Full commercial operations commenced on March 11, 1992.

The Group Managing Director and Chief Executive Officer of VFD Group Plc. Nonso Okpala, while announcing the deals in Lagos last month said: "This investment presents opportunity for quick wins across board." Beyond the new client base and geographic reach this investment presents us, it is strategic towards driving the value chain and upselling of our real estate business.

"While we continue to seek out viable investment in diverse sectors, this investment further enhances our ability to ring-fence financial service offerings and make VFD Group and its subsidiaries a "one-stop shop" for varying customer needs.

"I will like to express my gratitude and that of the executive team for the support received along this journey and I look forward to a year that brings more of such landmark."

About VFD Group Plc: VFD Group is a financial services-focused proprietary investment company that creates value by working within Nigeria's informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.

On 21st of October 2008, the Bank became officially listed on The Nigerian Stock Exchange.

One Year Share Price Movement - Abbey Mortgage Bank Plc

Related to VFD Group

1. ABBEYBDS Lists Additional 2.26bn Shares Offered By Way of Placement to VFD Group Plc - Feb 06, 2020
2. VFD Group Q3 2019 Results: Resisting Economic Headwinds - Nov 01, 2019
3. VFD Group Sells Stake in NEM Insurance - Jan 14, 2019
4. VFD Group Achieves 175% Subscription on Debt Note Offer - Feb 28, 2018

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