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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here       Daily Independent Online.         * Wednesday, July 07, 2004. Competitive cooperation among banks a must, says Dikko By Sanya Adejokun, Senior Correspondent, Abuja   Chief Executive of the United Bank for Africa (UBA), Mallam Aliyu Dikko, has declared that competitive cooperation among banks is a must if they must achieve increased profitable operations and reduced risk. Dikko spoke in Abuja at the signing of the UBA-led financed N5 billion M-tel syndicated note issuance bridge agreement, involving five other banks. “The arrangement of this syndicated facility further demonstrates that mutual cooperation among banks in providing financial solutions to large corporates is a must for increased profitable operations while reducing risks through sharing”, he said. The bank boss also opined that the syndication is an affirmation of the banks’ strong belief in the deregulation policy of the government and the acceptance of the need for a dynamic Public Private Partnership (PPP). The UBA helmsman pointed out that the six banks would also participate in the medium term facility that will comprise of additional banks that have given commitments. Daily Independent learnt that the arrangement was part of the Technology and Telecommunications (TT) Group initiative of the bank, which is established two years ago to provide a broad range of banking services to TT companies, operating as well as those considering operating, in Nigeria. “UBA TT has been a very active and vibrant partner to major TT companies, operating in Nigeria either through direct funding or through their supplies and service companies”, a source disclosed. Dikko disclosed that a year ago, the bank also arranged $113 million Payment Guarantee Facility for NITEL and M-tel to finance expansion programme, which significantly added to the operator’s facility. According to him, being major users of information and communications technology products and services, the banks recognise the importance and correlation of the industry, as a revolutionary pivot for the growth of the economy. Other participating banks in the deal are Union Bank, Standard Trust Bank, Guaranty Trust Bank, Prudent Bank and Zenith International Bank.         Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.dailyindependentng.com e-mail: [email protected]

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