Feyisitan-Ladimeji Appointed ED, Coronation Merchant Bank

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The Board of Directors of Coronation Merchant Bank Limited has announced the appointment of Funke Feyisitan-Ladimeji as an Executive Director of the Bank with effect from November 18, 2020, consequent to the approval of the Central Bank of Nigeria.

Feyisitan-Ladimeji joined the bank from FBNQuest Merchant Bank where she spent eight years as the Chief Operating Officer (COO).

Acording to a statement, before now, she was the Executive Director/COO at JP Morgan.

Feyisitan-Ladimeji has over 30 years’ experience managing a variety of banking businesses across markets and corporate finance businesses, across multiple jurisdictions in EMEA (Europe, Middle East and Africa), North America and Asia, and across multiple functional areas, including financial control, complex product accounting, technology, business operations and human capital in major financial institutions within and outside Nigeria.

She is a Fellow of the Institute of Chartered Accountants of England & Wales and holds a Master’s degree in Globalisation and a Bachelor’s degree in Economics from Queen Mary and Brunel Universities respectively.

As the Executive Director, her remit will include compliance, information technology, centralised operations, customer service, global trade and administration functions. She will also be the bank’s executive compliance officer.

Announcing the new appointment, the Chairman of Coronation Merchant Bank, Mr Babatunde Folawiyo stated that: “Funke brings to us a rich portfolio of experience garnered over the years in various leadership capacities. She could not have joined us at a more promising time in our journey to becoming an institution renowned for driving transformative solutions across Africa. I am confident her appointment will further strengthen and position the Bank for improved performance”.

He further stated, “As a Bank, we maintain high corporate governance standards and ensure that Board appointments are in line with global best practices and industry standards. Her appointment follows a long tradition of working with the best and brightest across all levels of our organisation.

Atlas Mara Exits Two Markets

Atlas Mara Limited, the African banking group started by former Barclays Plc Chief Executive Officer, Bob Diamond, agreed to sell its Rwandan and Tanzanian operations as the lender started talks with debt holders about upcoming repayments.

Kenya’s biggest bank KCB Group Plc will buy a 62.06 per cent stake in the Rwanda business and Atlas Mara’s Tanzanian unit to further expand its operations in the East African region, Bloomberg quoted the Nairobi-based company to have said.

It agreed to pay 1.09 times book value for Banque Populaire du Rwanda Plc and 0.42 times for African Banking Corp. Tanzania Ltd., it said in a statement Thursday.

The deal is part of London-listed Atlas Mara’s strategy of paring back on its African foray after Diamond, 69, misjudged competition on the continent and paid too much for acquisitions. The onset of the coronavirus pandemic has accelerated the need to reposition the company, which has seen about 96% plunge in its stock since it started trading toward the end of 2013.

Atlas Mara’s shares have plunged since it first started trading

“The board is committed to exploring all avenues to ensure our core franchise is positioned to weather this downturn,” Atlas Mara’s Chairman Michael Wilkerson said in a separate statement.

It is engaged in talks with principal holders of convertible bonds due Dec. 31 and other creditors “regarding a range of options to address the upcoming debt maturities for the benefit of all stakeholders.”