TrustBanc Pays N1.7bn Commercial Paper Proceeds on Maturity

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TrustBanc Holdings Limited (TrustBanc), the parent company of three regulated financial services companies, has said it successfully settled its series 2 Commercial Paper (CP) issue for a total amount of N1.7 billion Wednesday.

The 180-day CP was issued at a discount of 13.5323 per cent, subscriptions to the issue were made by institutional investors, with a significant proportion by asset and fund managers.

“We confirm that the maturity proceeds of Commercial Papers (CP) bearing NGTRUCP22S26 on FMDQ has been duly paid to all the holders of the Series on the maturity date, January 19, 2022.”

“I would like to thank all the holders of this commercial paper issue. Their trust represents a strong mark of confidence in TrustBanc, its financial performance, its business model and growth strategy. In addition, our Group is proud to contribute to the growth of the Commercial Paper market through the FMDQ, “said Chief Executive Officer of TrustBanc Holdings Limited, Mr. Abu Jimoh, CFA.

UCML Capital Limited, United Capital Plc and Emerging Africa Group, acted as dealers on the series. Speaking on behalf of the dealers, Director at UCML Capital Limited, Mr. Egie Akpata, said the company’s ability to pay at maturity further confirms to subscribers and the market at large that TrustBanc Holdings Limited is a trustworthy counterparty.

TrustBanc was incorporated as a holding company to synergise the operations of TrustBanc Financial Group. TrustBanc along with its subsidiaries, namely, TrustBanc J6 MFB Limited, TrustBanc Asset Management Limited, and TrustBanc Capital Management Limited, make up the group.

The Group is expanding to become an integrated financial services conglomerate with solutions covering wealth management, funds, ethical and conventional investments management, securities trading, savings, and lending.

Located in Victoria Island, Lagos, the group’s broad range of services ensure a bespoke solution to clients. Its services, which are accessible and digital, cover micro loans, business financing, investment advisory, or advice on the preservation of wealth.