Stock & Analyst Updates | |
Stock & Analyst Updates | |
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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.
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