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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   ..... NATIONAL NEWS Prudent Bank ready for N25b capital base challenge — MD By Salami Saidi Friday, July 16, 2004 LAGOS — Prudent Bank Plc yesterday announced its readiness to meet the new N25 billion capital base recently set by the Central Bank of Nigeria (CBN). Managing Director/Chief Executive Officer of the bank, Mr. Akinsola Akinfemiwa made this announcement during a customer’s forum organised by the Balogun Business Association, at the branch of the bank of the International Trade Fair Complex in Lagos. He said the bank was working out arrangements with a group of institutions in order to work out an alliance that would enable them meet up with the challenge. He added that the CBN move was a welcome development, as it would help banking institutions meet customers’ expectation more efficiently. He however assured customers on the safety of their funds with the bank. His words: “we are most certain the bank will be among the banks that will scale through, in meeting the N25 billion capitalisation challenge.” “The option of mergers and acquisitions (M&A) is not new in the country as there have been a number of it in the past. Examples include Unilever/Lipton; Thermocool/Peterson and Zochonis (PZ). The level of mergers is however not significant when compared to similar economies; the social issues involved especially as regards ownership have hindered large-scale alliances.” While speaking, one of the leaders of the Balogun Business Association market, thanked the Managing Director for finding time to come and attend to its customers in the market, a gesture which he said other banks should emulate.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact © 1998- 2004. Vanguard Media Ltd.

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