BNW

B N W: Biafra Nigeria World News

Afribank Moves to Meet New Capital Shops for N9 bn To reinforce its position among the banks that are likely to meet the N25 billion new capital base for banks operating in Nigeria as from December 2005, Afribank Nigeria Plc has concluded all the necessary arrangement to raise N9 billion from the capital market. The injection of this fund into the bank within the next two months, in addition to its group's shareholders' funds of about N8 billion is expected to place Afribank at a vantage position in the league of banks seeking to make the N25 billion capital base benchmark. Afribank - one of the 7 settlement in the country, THISDAY gathered, may as a last resort, acquire some of the banks it currently clears their cheques. In a statement, the bank explained, that "what Afribank is concentrating its efforts on is consolidation and expansion of its market share, customers base and further diversification of its operations." The bank maintained that "what customers and stakeholders of the bank should expect after the exercise is a stronger bank that will be in a position to give value added returns to stakeholders and customers." With six highly diversified and specialized subsidiaries and over 150 branches connected on-line, Afribank seems to be quite capable of confronting the N25 billion capital base as announced last week Tuesday by the CBN Governor, professor Charles Soludo. The subsidiaries under Afribank group include Afribank Nigeria Plc (commercial bank); Afribank International Limited (merchant bankers); Afribank International Finance (ANP) Dublin, Ireland - an offshore finance company owned 100 per cent by Afribank; Afribank Trustees and Investment Limited - portfolio investment pension fund management company; Afribank Insurance Brokers Limited - an insurance brokerage firm and Afribank Estates Limited. The bank also has equity stakes in many companies such as ATM consortium; Valucard consortium, discount houses, insurance companies and manufacturing companies to mention but a few. Currently, the bank has invested close to N1 billion in eleven companies under the Small and Medium Industries Enterprises (SMIEIS). Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

	BNW News
Voice of Biafra | Biafra World | Biafra Online | Biafra Web | MASSOB | Biafra Forum | BLM | Biafra Consortium
	© 2001 BNW BiafraNigeriaWorld  Privacy Policy ---------------------------------------------------------------------------------- Powered by ACENetwork ----------------------------------------------------------------------------------
	Axiom PSI Yam Festival Series, Iri Ji Nd'Igbo the Kola-Nut Series,Nigeria Masterweb