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Cadbury, STB Sign Business Pact Lagos Cadbury Nigeria Plc and Standard Trust Bank Plc have entered into a strategic Business Partnership that will see the Bank attracting up to 35% of Cadbury's nationwide collection. The agreement was signed at the Corporate Headquarters of Cadbury by the Managing Directors/Chief Executives of the two companies Messrs Bunmi Oni and Tony Elumelu, recently. MD of Cadbury described the event as the first stage in the bid to integrate the company's value chain and hence create increased value for all stakeholders. Cadbury Nigeria Plc is the foremost food, beverage and confectionery manufacturer in Nigeria. It has key distributors spread across the Nation. Standard Trust Bank, with its network of banking channels across Nigeria, will use its robust IT and Electronic Solutions to provide an efficient collection scheme for Cadbury Nigeria Plc. The Bank has also developed a Key Distributorship/Dealership scheme for the major distributors of Cadbury Nigeria Plc, where N500 million has been set aside to support their business with Cadbury. Already over 40% of the distributors of Cadbury are on the books of STB for this scheme. The management of STB in 2002 as part of its 5 years strategic plan, repositioned the bank to focus on the retail segment of economy. As at date, the bank, which is one of the seven settlement banks appointed by the CBN, has close to one million customers spread across the 36 states and Abuja. STB is one of the banks poised to meet the N25bn capital base recently pronounced by the new CBN governor Prof. Charles Soludo as the bank currently has a capital base of about N18bn, which it intends to move up to N20bn by the end of its financial year end of 31st July. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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