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N25bn capital base:
First Atlantic Bank ’ll meet target,
says Emerhor
FELIX DURUMBA,
News Editor
FIRST
Atlantic Bank Plc said it is not losing sleep over the N25 billion fresh capital
base requirement for banks, saying it would comply.
Already, the leading new generation bank
has unfolded a three-pronged strategy to meet up with the requirement whose
deadline is December, 2005.
Indeed, the bank said it will surpass the
N25 billion requirement by next June, six months ahead.
Chairman of the bank Olorogun
O’tega Emerhor, who spoke at the formal opening of the Awka, Anambra State
capital branch said new foreign investors are to be attracted into the bank as
part of the plan.
Olorogun
Emerhor also said First Atlantic will merge or acquire banks of similar interest
and encourage select customers to acquire interest in it (First Atlantic).
A statement by Mr. Dan Agbofode, head,
Corporate Affairs, said the industry icon hailed the Central Bank of Nigeria (CBN)
for the N25 billion requirement, saying it would lead to consolidation in the
banking sector, hence producing higher and internationally competitive banks.
"First Atlantic is in talks with a number
of like-minded institutions to exploit their various areas of strength in a
business consolidation/merger that will involve both local and international
institutions", he added.
Emerhor said the capitalization
requirement would assist First Atlantic achieve its vision of emerging as one of
Nigeria’s top five banks, adding that it was aiming to surpass the N25 billion
benchmark to emerge as "a globally competitive institution".
According to him, the bank had initiated
discussions with some foreign investors interested in investing in the bank,
adding that the conclusion of these negotiations would represent a major plank
of its capitalization plan.
First Atlantic, he said, was also in talks
with banks with allied interests and persuasion aimed at either acquiring them
or entering into merger relationship with them.
According to the chairman, the bank would
emerge from this process as a model that customers would proudly associate with,
adding that it would give such customers opportunity to be part owners by taking
up investment in the bank. These processes, he said, would be completed by next
June, six months before the deadline set by the apex bank.
He thanked the people and government of
Anambra for warmly receiving First Atlantic in the state, noting that the
opening of the Awka branch, which brings to four the bank’s outlets in the
state, was an indication of the bank’s commitment to assisting in the
development of the state.
Olorogun Emerhor said the bank, which is
famed for its electronic banking competence also has a culture of developing
communities where it does business, adding that the people of Awka would soon
feel the impact of the bank in this respect.
In his message, Gov. Chris Ngige thanked
the bank for associating with the developmental aspirations of the people of the
state and for its strong presence in the area, assuring of his support for the
bank and the efforts of the CBN to make the banking sector stronger.
First Atlantic Bank Plc is one of the
country’s fastest growing banks with 47 business office. It is also seeking the
Central Bank’s approval to open additional 10 branch that will take its network
to 57 by December 2004.
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