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Broad Bank Moves to Recapitalise Broad Bank Nigeria Limited has concluded arrangement to immediately increase its authorized capital to N15 billion. According to a statement from the bank, this will be achieved through commitments from existing and new shareholders of the bank. It will also give the bank comparative advantages in the unfolding events in the banking industry in the wake of the increase in minimum capital base. The bank therefore assured its customers that their interest and that of the staff would be uppermost in the implementation of the new directive. In addition, the bank has put in place measures to expand its shareholding base to admit new shareholders, both local and offshore, thereby changing its status from a private company to a nonquoted Public Limited Company (PLC). While restating its strength and capabilities to meet the N25 billion capital base requirement for banks before the December 2005 deadline, the bank listed some of these capabilities to include strong institutional ownership and new aggressive marketing strategy. Already, the bank has an authorized share capital of N2.0 billion and paid up capital of N1.64 billion. This the statement further explained, has enabled the bank to have a sound liquidity footing to face its challenges and corporate vision. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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