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...For a better society... Thursday, October 14 2004 Vol 17 No.30 News Editorial Opinion Politics Sports Features Health Woman Foreign News Columnists Business Money/Market InfoTel Brands/Promotions Trade/Commerce View from America GTB acquires Inland Bank •May sign MoU today KENNETH MADUEKE GUARANTY Trust Bank (GTB) Plc has concluded plans to acquire Inland Bank Plc and may sign Memorandum of Understanding (MoU) with it today in Abuja to concretise the arrangement. It was reliably gathered that this effort to consolidate will increase the bank’s capital base to well over its present N34 billion even as indications also emerged that the bank is about perfecting talks with another Northern-based bank to acquire same. By this development, GTB becomes the first bank to formally acquire a bank since July 6, 2004 when the Central Bank of Nigeria (CBN) asked banks to commence the process of beefing up their base to a minimum of N25 billion before 2005 deadline. GTB recorded a huge success in its recent N10.6 billion offer for subscription and this made it possible for the bank to have 36 per cent increase over the statutory minimum capital base. During the bank’s offer, investors were said to have committed over N21.2 billion into GTB hence the offer recorded about 211 per cent subscription. As at the time of filing in this report, efforts to get the details of the acquisition talks between GTB and the two banks were not successful due to the on-going fuel protest. But competent sources at GTB confirmed the report saying that the affected banks are scheduled to formalise the acquisition plan this week. � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

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