To expand on its expansion drive and ensure profitability, the Board and Management of Wema Bank has concluded plans to raise N50 Billion tier two capital through bonds.
According to the Bank, plans are underway to raise N20 billion in the next few weeks while the remaining N30 billion would come in the “near future”.
Managing Director of Wema Bank, Segun Oloketuyi, who disclosed the development said: “Wema Bank will increase the drive of the ongoing cost containment initiatives and leverage on technology to increase efficiency across our channels and platforms”.
He added: “The Bank will also be raising additional debt capital in the next few weeks to further give it the necessary leverage to drive growth.
“We are doing debt capital. It is a tier two capital and it is a bond. The bond will open very soon, it is a N50 billion issuance programme, but we are doing it in two tranches. The first tranche is N20 billion, and the second tranche is N30 billion. So, we are taking N20 billion first, and sometimes in the near future, and as the need arises, we will take on the balance of N30 billion,”Oloketuyi added.