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New Capital: Global Bank Initiates Strategies Finance In response to the recent directive by the Central Bank of Nigeria (CBN) for banks to capitalize to the tune of N25 billion, Global Bank Plc has started initiating moves to ensure that it complies well ahead of the December 2005 deadline. Already, an Extra-ordinary General Meeting regard would be taken has been slated for August 6, 2004. Sources close to the bank disclosed to THISDAY over the weekend that one of the likely agenda for the EGM is the proposal of a rights issue to the shareholders of the bank. Our sources also revealed that some top officials of the bank are billed to travel out the country this week, probably to seek strategic alliance with some foreign financial institutions. Last week, the Managing Chief Executive Officer of the bank, Mr. Yinka Obalade, in letter to customers of the bank, assured that Global Bank has the capacity to meet challenges posed by the new capital base. "As a law abiding corporate citizen, we are poised to meet the challenges posed by this new directive. Already, we have set the machinery in motion to ensure that we are not caught napping at the expiration of the deadline in 18 months time. Our strong financial base puts us in a very good stead to meet the challenges ahead," he stressed. The bank he said, has devised a multi-pronged strategy to enable it fully comply with the directieve."In fact, given our strong position in the inter-bank market and the trust reposed in our bank by our sister banks, we are highly confident that several other banks with strong financial base would be eager to cooperate with us, in the event that the merger option (which seems to be strongly canvassed/favoured by the CBN) becomes a viable alternative," he said. He therefore assured that both depositors and investors would not lose their funds after the expected consolidation. "Let me assure you that your funds are in good and safe hands, and there is no cause whatsoever to worry. May I use this opportunity to thank you for your understanding thus far. Your loyalty and continued patronage remains a source of pride and stability for us, particularly in the light of the recent directive," he said. He also assured that at the end of the day customers would still get the unique quality banking services, which the bank has been noted for. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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