MannyBank Set to Raise Capital
In a clear demonstration of its readiness to meet the N25 billion capital base requirements, the board of directors of MannyBank Plc has constituted a sub-committee of the board to review proposals and take decisions on forging a strategic alliance with other local and overseas banks with a view to meeting the capitalisation requirement before the deadline.
THISDAY checks revealed that this decision was taken at the end of the bank's 57th board meeting recently in Lagos.
One of the terms of reference of the sub-committee, we gathered was to negotiate with some local and foreign banks with which MannyBank had already opened merger discussions.
Although the discussions were still on going, it was expected to crystallise into a strategic alliance that would see MannyBank's transformation into a major financial supermarket.
The source further disclosed that the re-capitalisation Sub-Committee was comprised of some directors and top management staff of the bank. The final merger option chosen will be anchored on guidelines expected to be issued by the Central Bank of Nigeria (CBN) for banks that would want to explore merger options. MannyBank assured the investing public that it would continue to reposition to fully exploit its potentials, which have sharpened its relationship profile with its customers and other stakeholders over the years.
MannyBank's audited financial accounts for the year ended March 31, 2003, revealed a modest growth in its operations with total assets increasing from N7.45 billion to N8.84 billion, representing a 18.7 per cent growth rate, while total liabilities went up in 2002 from N5.6 billion to N6.04 billion in 2003. This is an increase by 14 per cent.
The bank's shareholders' fund rose from N1.6 billion in 2002 to N2.8 billion in 2003, representing a growth of 75.0 per cent.
The bank was incorporated as a limited liability company on November 23, 1989, licensed to operate the business of merchant banking on December 20, 1989 and commercial banking business on March 7, 1990.
It became a Public Limited Company on July 22, 1998 and its shares were l isted on the Nigerian Stock Exchange (NSE) on April 19, 1999.
On November 30, 1999, the CBN granted the bank a license to commence commercial banking business. On February 6, 2001, the CBN also replaced the commercial banking license granted to the bank with a license to commence universal banking business.
|
