...Trade Bank Unfolds Strategies
Stories by Ayodele Aminu and Olugbuyiro Akinola
Smarting from the success of its N1 billion public issue, Trade Bank Plc has mapped out a variety of strategies geared towards scaling hurdles of the N25 billion new capital base prescribed for all the banks by the Central Bank of Nigeria (CBN).
Some of the options include injection of fresh funds from existing and prospective shareholders and consolidation with banks of like-minds.
Already, Trade Bank according the official has commenced discussions with other top players in the industry with a view to forming a strong alliance that would become one of the top players in the banking industry.
"We have already commenced talks and have reached advanced stage with a group of 13 other banks. The group has been holding meetings on weekly bases. Five out of the 13 have signified their willingness to consummate the merger, while the remaining ones have been given up till September 15 2004 to make up their mind on whether or not they would be part of the team," the official stressed.
To speed up the consolidation process, he said the group has appointed two estate valuers and auditors to ascertain the worth of each bank and carry out due diligence respectively.
"From all indications, the group may become the first to merge after the release of the guidelines. Infact, we have drafted a Memorandum of Understanding (MOU) to this effect and agreed that September 30, 2004 should be taken as the cut off date for accounting purpose so as to have a uniform up to date account," he explained.
Meanwhile, in an attempt to guarantee efficient and effective services to its teeming customers nationwide, Trade Bank has acquired a new Information Technology software, "Equinox" which now serves as a platform for its on-line, realtime operations.
The package also consists of a unique offline module to ensure continuous operations even when the epileptic infrastructural facilities in the country become manifest.
For the efficient utilization of the software, a test run of the package, has already commenced in 14 branches in the fast phase.
A statement quoted the bank's Head of Management Information System, Mr. Soji Obayomi, as listing the benefits of Equinox to include online real-time customer services from any of our branches irrespective of the branch in which the customer's account is domiciled.
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