Why Trade Bank is Recapitalising
Finance
From Tunde Sani in Ilorin
The Managing Director of Trade bank Plc, Mr. Samuel Ereola Kolawole has given an insight into the new recapitalisation drive of the bank,
The new move, he explained at an investors forum in Ilorin would see the bank veering into oil and gas, telecommunications, property and manufacturing.
Besides, Kolawole who is now President Chartered Institute of Bankers of Nigeria (CIBN) added that the recapitalisation is geared towards repositioning the bank and making it one of the leading banks in the country.
He disclosed that strategies have been perfected to ensure that all branches of the bank are on-line by middle July 2004 making it possible for customers to access their accounts from the comfort of their homes.
Besides the networking, the Trade Bank chief disclosed that the bank need more funds to increase its branches.
"Hopefully by the end of 2004, ten more branches would be added to the growing list of our branches.
"We need to capitalize to get more cash to operate better and put smile on stakeholders face so that we too can become an active player in the nations' economy".
Kolawole attributed the success story of the bank in its 17 years of operation to sound planning, culture and caution.
"We have been cautious, we have been not been hasty, we may be late in moving but we are moving solidly", he stressed.
Trade Bank is shopping for N1 billion in the capital market. The bank has N15.277 billion total asset base and a share capital of N1.25 billion while shareholders funds stood at N2.093 billion as at March 31, 2003.
In a related development, honour and recognition again came the way of the Trade Bank boss, following his induction as an Associate of the Chartered Institute of Taxation of Nigeria (CITN).
His induction came on the heels of his recent election and elevation as President/Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN). and subsequent inauguration at a colourful ceremony in Lagos.
A thorough professional with a penchant for knowledge, his membership of the CITN has thus crowned his professional cap with the last prize in the triumvirate of bankin2. accounting and taxation
The Trade Bank boss who holds a first class degree in Economics from the Ahmadu Bello Universi.;, Zaria, is a Fellow of both the Chartered Insttitute of Bankers of Ni2eria and the Institute of Chartered Accountants of Nigeria (ICAN) Besides, he has attended numerous courses both within and outside the.country.
Kolawole has put in over 20 years of continuous banking experience and has spent the last 18 years in senior management positions at Afribank Plc, Arthur Andersen and Trade Bank Plc. He became the helmsman of the Bank in 1990 and has presided over its expansion ever since.
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