Shareholders of Wema Bank Plc Monday approved plans by the bank to raise its capital base to N35 billion.
A statement Monday said the shareholders which gave the approval at the bank’s Annual General Meeting in Lagos, also confirmed the appointment of Mr. Adeyinka Asekun as the new chairman of the bank.
Asekun took over from Chief Samuel Bolarinde, who resigned from the board at the meeting.
Managing Director/Chief Executive Officer of the Bank, Segun Oloketuyi, said the bank intended to expand its operations and grow organically into areas that present strong business opportunities with the proposed increase in its capital base.
He also commended the Board's choice of Asekun as Chairman and declared his management's commitment to ensure there was robust synergy between the board and the management for the benefit of all stakeholders in the bank.
Asekun, who sits on the Board of several companies, stated his commitment to providing necessary support to the management of the financial institution in steering it through the next phase of its transformation programme.
He praised the contributions of Bolarinde during his tenure, which according to him, led to the revival of the bank “from a grave financial position to one that is now poised to compete favourably with major players in the banking sector.”
The meeting also ratified the appointment of four new Non-Executive Directors, namely: Mr. Adeyinka Asekun, Mrs. Tina Vukor’Quarshie, Mr. Samuel Durojaye and Chief Ayodele Awodeyi, who were all appointed to the board during the year.
Established in 1945, Wema Bank offers a range of corporate banking, retail banking and e-banking solutions and services in addition to top-notch financial advisory services to its discerning clientele.