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Platinum Bank Share Capital Hits N10bn Sets to meet N25bn capital base Desirous to accelerate its growth plan and emerge as a leading national full service bank, Platinum Bank Limited has taken advantage of emerging opportunities created by recent Central Bank of Nigeria (CBN) directive on minimum capital base, by increasing its share capital to N10 billion, to be fully paid up by November this year. Industry watchers believe that this will improve the Bank's market share and puts it in the frontline of banking in Nigeria after the industry is fully restructured as intended by the Central Bank of Nigeria. Following approval of the Board of Directors, the Bank is raising additional capital by rights issue to move shareholders funds from N3.2 billion to over N10 billion. Informed sources indicate that the Bank may also consider merger options with banks that share its values and may have in addition, recommence negotiations with credible foreign investors, with whom it has a subsisting three-year agreement in principle, to invest in the Bank with the aim of meeting the N25 billion minimum capital as stipulated by CBN. Platinum Bank Limited has a high growth potential as evidenced by its track record. Since commencing operations in 2000, it has distinguished itself as a high performing institution with phenomenal growth in deposits, asset base and profitability. The Bank is among the top 25 banks and ranked among leading players on the weekly Dutch Auction System (DAS), for foreign exchange bidding, an indication of the quality of its customer base and volume of business being facilitated by the Bank. There are indications that the Bank may have grown its profit and asset base by about 300 per cent and 75 per cent, respectively between 2003 and 2004, largely due to its strong acceptability. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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