Wema Bank to Raise $200 Million

Wema Bank has revealed plans to raise $200 million over the next two years to fund its loan book. The bank said it expects to raise $100 million in the first quarter of 2014 and the balance by 2015, when the returns of the bank’s equity would have improved. “We are looking at several options including bonds, loans, and debentures as ways to generate the funds within said period,” said Wema’s Chief Financial Officer, Tunde Mabawonku. He also said that the bank “plans to seek regulatory approval for a national banking license this year in its bid to open 20 new branches.  

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This article was first published on 22nd August 2013

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