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Astrabank For Listing on Stock Exchange By Ayodele Aminu Astrabank Plc, product of the merger of Mannybank Guardian Express Bank Plc, First Atlantic Bank and Assurance Bank is to be listed on the Nigerian Stock Exchange (NSE), upon completion of the merger process. THISDAY gathered from a member-bank of the proposed mega bank that this is one of the strategies being adopted to position Astrabank as a frontline bank at the end of the on-going re-alignment in the industry. Upon listing on the exchange, the bank, which proposes to start operation with a capital base of N25 billion, will raise an additional N15 billion through an Initial Public Offer, to enhance its capitalization to N40 billion by December 2005. At the signing of the Memorandum of Understanding (MOU), Chairman of Guardian Express Bank Plc, Ambassador Moses Ihonde, said as soon as "the merger is consummated, we intend to raise additional N15 billion through public offers, to further increase the capital base to N40 billion." The decision to have the stock of the bank quoted on the NSE is also informed by the need to allow more Nigerians own equity in the bank, making it a truly Nigerian bank. Presently, shareholders' funds of the four banks in the group amount to N11 billion, which makes it the eighth largest bank in the country. This figure is expected to rise to N25 billion by the time the merger crystallises by March 2005, through a combination of rights issue, private placement and public issues to be embarked upon by the member banks in the run-off to the fusion of the banks. First Atlantic Bank Plc and Manny Bank Plc are currently listed on the Exchange, with Guardian Express Bank, although a public liability company and Assurance Bank Limited not yet listed. Astrabank has a combined network of over 120 branches, total assets base of N71 billion and total deposit base of N48 billion. The boards of the member banks are made up of Nigerians with rare entrepreneurial spirit, a factor which is expected to count for the bank as it pursues its ambitious capitalisation programme. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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