Wema Bank Nigeria Plc has concluded plans to reapply for national banking licence, Segun Oloketuyi, the bank's managing director said in a statement in Lagos on Saturday.
Oloketuyi, in the statement, stressed that the reapplication followed the bank's proposed tier-one capital injection of N35 billion.
He said plans were at advanced stages to conclude arrangements on the N35 billion tier-one capital raising exercise, which commenced a few months ago.
``Already, there is a firm commitment of N15 billion by a core investor. We expect to begin the process of seeking regulatory approval as soon as all the necessary plans are finalised,’’ he said.
According to him, the capital injection will be completed by December 2012.
He added that the capital injection would enable the bank to achieve optimal business results by driving volumes of businesses.
He said that the bank had in 2010 applied for regional banking licence under the Central Bank of Nigeria (CBN) new banking structure.
He noted that the additional capital position would enable the bank to seek regulatory approval for National Banking licence to further take advantage of opportunities in other commercial hubs in the country.
``Wema Bank expects to maintain robust liquidity and ensure efficiency in investments while attracting and retaining the best talents in the industry.’’
The bank, he added, would ensure efficient customer service delivery and support key business areas of SME banking, retail and commercial banking to achieve superior returns to become the leading retail bank.
He said that the bank would continue to focus on its key areas of strength, develop innovative cutting-edge banking services and support the development of communities in which it operates.
Meanwhile, the bank’s financial year ended Dec. 31, 2011 posted gross earnings of N28.39 billion compared with N21.79 billion recorded in the corresponding period of 2011.