₦airaland Forum

Abalado:
This yoruba bank self,,,bt their service is very good o,so why d merger again nau..nawa o,BUHARI SEY U DEY HEAR SHA?

they have a regional licence

long overdue, which one is nationalized bank.

Abalado:
[color=#000099][/color] Oh ho,,thank God u knw,mumu..

Tanx!

I said it yesterday that banks will go distressed before early next year.
but wait ooo, I think there is restructuring of wema from regional to national bank last year, so why this? also, there is restructuring of odua group last year, with every company under the group bound to bank with the bank, and justrite supermarket using the bank as its bank, this merger and acquisition palava is scary.

saving for the raining days!

Teewhy2:
[s]Oldest indigenous bank going into acquisition will not be a good one. There are 4 banks. I will not appreciate been sold due to their rich historical culture in Nigeria and Africa as a whole. First Bank, union Bank, UBA and wema bank.

[/s]
Story!
The evil that sanusi and his cohorts did wen he was in service will surely come back to hurt all involved. Wema and unity bank were confirmed dead banks but what did we see after the recapitalization? Politics upon politics...
So many good southern banks went down. Ok it didn't end there, later we saw jaiz or whatever its name is in the name of nonprofit/interest bank.
Today what's happening? Wema will surely go to where it belongs, the likes of trade bank,savanna bank, ibeto bank, society generale etc are waiting for u there

Pastor Sam Adeyemi said something about the capacity of Nigerian owned companies to weather a long storm. Can any local brand live to be 100 years like the likes of Heinz, Coca-Cola etc? You will wonder with the way these banks rebrand often, they are able to hold themselves up.
Thankfully it is not Heritage bank again this time, as I shall publicly announce my account number for sale immediately.

seunlayi:
I don't know why I just dislike this bank

Because you are in love with union bank.

countsparrow:
Na so society generale talk b4 dem close shop, Wema!!! Is my money safe?

Your money should be safe, ask NDIC. Heritage Bank was formerly Societe Generale Bank of Nigeria (SGBN). You can seek redress if you had funds trapped at the former SGBN with NDIC.

In 2012, the core investor, IEI Plc, through IEI Investments Limited, acquired the Societe Generale Bank of Nigeria (SGBN) license from the Central Bank of Nigeria (CBN). Having fulfilled all required criteria, the bank returned 100% of existing SGBN account holders’ money to their owners. HBCL is a large financial services provider in Nigeria. Currently licensed as a Regional Bank, it offers banking and financial services in the country, excluding the South, Southeast and the North.[2] As of March 2013, the total asset valuation of the bank was estimated at about US$192 million (NGN:31 billion). Its shareholders' equity is worth at least US$62 million (NGN:10 billion), the minimum capital requirement by the Central Bank of Nigeria (CBN), for regional banks.

The bank traces its roots to the late 1980s, when it was founded as Societe Generale Bank (Nigeria) (SGBN), by the late Dr. Olusola Saraki.[3] In January 2006, the Central Bank closed down SGBN on account of failure to meet new minimum capital requirements of US$155 million (NGN:25 billion) for a National Bank. SGBN successfully challenged the closure in court. In December 2012, CBN re-issued SGBN's banking license, but as a regional bank.[4] The bank re-branded as Heritage Banking Company Limited and reopened for business under the new name on 4 March 2013.[5]

source: https://en.wikipedia.org/wiki/Heritage_Banking_Company_Limited

OlujobaSamuel:
I said it yesterday that banks will go distressed before early next year.
but wait ooo, I think there is restructuring of wema from regional to national bank last year, so why this? also, there is restructuring of odua group last year, with every company under the group bound to bank with the bank, and justrite supermarket using the bank as its bank, this merger and acquisition palava is scary.

With sound management devoid of political incursions, Wema Bank (Agbonmagbe Bank) should have been a tier 1 bank in Nigeria today. It is Nigeria's longest surviving indigenous bank.

They really don't need to be acquired or merged. M & A don't work all the time but good management does.

Peterwins:
With sound management devoid of political incursions, Wema Bank (Agbonmagbe Bank) should have been a tier 1 bank in Nigeria today. It is Nigeria's longest surviving indigenous bank.

They really don't need to be acquired or merged. M & A don't work all the time but good management does.

I agree.

I remember the bank acquired the previously defunct "national bank".

"National bank" at the time was rebranded and stood shoulder to shoulder with the likes of the now defunct STB (standard trust bank).

For some odd reason, national bank seemed to be a better brand at the time compared to wema bank. They had a young management team, employed young, smart graduates and if they had been left to grow, the bank would probably been as popular as GTB.

Wema does not need acquisition. What it needs is an overhaul of its executive board and a change in its strategy.

Ralphlauren:
I agree.
I remember the bank acquired the previously defunct "national bank".
"National bank" at the time was rebranded and stood shoulder to shoulder with the likes of the now defunct STB (standard trust bank).
For some odd reason, national bank seemed to be a better brand at the time compared to wema bank. They had a young management team, employed young, smart graduates and if they had been left to grow, the bank would probably been as popular as GTB.
Wema does not need acquisition. What it needs is an overhaul of its executive board and a change in its strategy.

On point. They need to speed up operations, they currently have one of the slowest customer service rates around; and to be more innovative because they rarely hv anything new on offer to existing or prospective customers, no promo, no new methods, nothing.

Peterwins:
With sound management devoid of political incursions, Wema Bank (Agbonmagbe Bank) should have been a tier 1 bank in Nigeria today. It is Nigeria's longest surviving indigenous bank.

They really don't need to be acquired or merged. M & A don't work all the time but good management does.

you know the bank is under o'dua group, so I guessed it was affected the cbn recapitalization but I hope the sw governors will rally round to help the organization.

WEMA Bank should be able to withstand the competition in the banking Industry, since they have adjusted to regional bank.