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STB Targets N40bn Capital Base In line with the recently announced recapitalisation directive from the Central Bank of Nigeria (CBN), Standard Trust Bank Plc (STB) has completed plans to raise its capital base to N40 billion. The amount is N15 billion above the N25 billion stipulated by the apex bank, and is consistent with the bank determination to play dominantly in the retail banking segment of the nation's economy. STB is adopting a three-pronged strategy to achieve this new capital base which includes capitalisation of its earnings from the 2004 and 2005 financial performance results; rights issue to its over 60,000 existing shareholders; and the acquisition of a medium-sized, well-managed and healthy bank. According to sources in the bank, a crack team of senior management staff and international consultants have been assembled to review the books of selected banks, under consideration for STB's acquisition. In another development, STB has announced the appointment of Managing Executive Officers for its new regional units, based on the geographical zones, with headquarters in Lagos, Abuja/North, Port Harcourt and Ibadan with near autonomous management teams. The Managing Executive Officers are Faith Tuedor-Mathews (Abuja/North), Kennedy Uzoka (Lagos), Henry Ajagbawa (Ibadan), Dan Okeke (North Central) and IG Chidubem Ukpaka (Port Harcourt); while Ibrahim Jega was named the Divisional Head, Public Sector for the North. Faith Tuedor-Mathews, who is also an executive director of STB, joined the bank from Ecobank Nigeria Plc, where she was the General Manager, Head-Public Sector Group and Zonal Business Head (North). Kennedy Uzoka, who until recently was the executive director in charge of retail banking, joined STB 1997 as Branch Manager of the Head Office in Victoria Island, Lagos. The new management executive officer for Ibadan, Mr. Henry Ajagbawa, was until recently the divisional head of STB in charge of consumer and transaction service. Before joining STB, Ajagbawa, an economics graduate of University of Lagos, had worked in various capacities in Ecobank Nigeria Plc, Commercial Trust Bank and City Express Bank. IG Ukpaka, who until recently was the divisional head, South zone of STB, joined the bank in April from Zenith International Bank where he was the General Manager/Group Zonal Head-Eastern branches. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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