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WEMA BANK TO CHANGE NAME

Wema Bank Plc will soon adopt a new to match its new corporate image and vision.

This hint was let out of the bag by Adebayo Jimoh, the Group Managing Director, Odu’a Investment Company Ltd. He said that modalities have been concluded with the apex bank, Central Bank of Nigeria.

The new name will be unveiled between the quarters of 2007. He also said that the bank posted N6 billion profit between March to December, 2006, and that the bank has been restructured to give birth to young team players in the industry to run the affairs of the group.

UBA TAKES OVER TRADE BANK

The assets and liabilities of Trade Bank Plc have been taken over from Nigeria Deposit Insurance Corporation (NDIC) by United Bank or Africa, (UBA).

The Central Bank of Nigeria authorized the NDIC to hand over the bank to UBA. The management of UBA was officially informed about the handling over in a meeting held with the NDIC/CBN Liquidating Committee in Lagos. UBA acquired Trade Bank from CBN under the Purchase and Assumption method of liquidation, a policy of the regulatory authority which allows healthy banks to acquire, failed ones. Under this policy, the depositors of Trade Bank Plc are free to continue banking with UBA if they so wish.

NICON ACQUIRES UBA INSURANCE

UBA Insurance Company Ltd, a subsidiary of UBA Group have been acquired y NICON Insurance Plc. The development is part of NICON Group’s plan become a formidable force in the insurance industry.

The Managing Director/Chief Executive of NICON, Mr. Jimoh Ibrahim, said he was satisfied with the level of performance exhibited by the staff of UBA insurance, and that there would be no retrenchment exercise or rationalization as an aftermath of the takeover.

The UBA Group is now left with the Life Portfolio business through which it signed an agreement with a South African firm, the Metropolitan.

Source: The Nigerian Stockbroker Magazine (October – November 2006) Page 32 and 33.