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MannyBank's Gross Earning Rises by 23.5% MannyBank Plc announced at the weekend N777.2 million gross earnings recorded during the first quarter ended June 30, 2004, as against N629.4 million in the comparable period of 2003. This represents a growth by 23.5 per cent or N147.8 million. The bank's unaudited financial results for the same period also showed an increase by 8.76 per cent or N10.3 million in profit after tax from N117.5 million in 2003 to N127.8 million in 2004. The board of directors of the bank recently constituted a sub-committee 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. It was further 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. 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 listed on the Nigerian Stock Exchange 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. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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