Afribank, UBA, Broad Bank Storm Trade Fair
By Olugbuyiro Akinola
As the 2004 International Trade Fair opens this week in Lagos, banks are fully set to take their numerous excellent services to the fair. Frontling the initiative are United Bank for Africa (UBA), Afribank Plc and Broad bank Limited.
The 2004 Lagos International Trade Fair is scheduled for November 05 14, 2004 at the International Trade Fair Complex, Lagos Badagry Expressway, Lagos.
The United Bank for Africa will operate a Cash Office to render full banking services at the At the Fair. The Bank will showcase its various services and products. Among which are opening of savings and current accounts and the UBA Save for School products for savings account customers.
Determined to give as many people as possible the opportunity to buy its shares, Afribank Nigeria Plc has concluded arrangements to take its ongoing Public Offer to the Trade Fair.
The Bank, according to the Management, will create a desk dedicated to answering enquiries on the Offer by a team of professionals from the Bank. The special attention the Bank is giving to the Offer at the Fair is aimed at providing prospective investors, visitors and other trade fair participants the opportunity to buy their shares at the Fair. Subscribers are to collect share purchase forms at the Bank's stand and pay with cash or cheque.
Afribank Public Offer of N17billion, which goes for N6.80 per ordinary share of 50k each, will be opened to the public for subscription till November 22, 2004
Similarly, Broad Bank of Nigeria Limited,in line with its strategic marketing drive and optimum customer service orientation is poised to use Broad Bank's presence at the Lagos Fair to further delight old and new customers.
The bank is currently raising N10 billion new funds in response to the N25 billion Naira new capital base required by the CBN.
Indications that the placement will be successful hinged on the outstanding results recorded by the Bank last year.
The bank recorded profit before tax of N743.95 million, an increase of 351 per cent compared to N165.08 nillion in the previous year, while its profit after tax stood at N326.5 million, indicating an increase of 135 per cent over the N139.16 million recorded in 2003.
Also the bank's balance sheet size grew to N20.2 billion in 2004, indicating an increase of 83 per cent, compared with N11.03 recorded the previous year, while the gross earnings rose to N4.25 billion by 104 per cent from N2.08 million in the previous year.
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