Oceanic Bank plans offshore
branches, targets nine countries
By SEUN ADESIDA
Wednesday, April 11, 2007
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PHOTO: Sun News Publishing |
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In line with its vision of being a global financial institution
with special emphasis on service delivery, Oceanic Bank International
has concluded plans to embark on international strategic branch
expansion. Among countries being currently†targetted
by the bank include: Ghana, Sao Tome& Principle, Gambia,
Liberia, Dubai, Ireland, USA, China among others.
The bank’s Chief Executive, Dr. (Mrs.) Cecilia Ibru,
said the branch network expansion was in line with the bank’s
determination to be the number one bank in the country, as
well as being among the top three in Africa.
Toward this end, Ibru said arrangements had been concluded
to kick start the expansion project in the West African nations
of Ghana, Sao Tome, Gambia and Liberia, adding that in no
distant future, the bank would register its presence in the
major capitals of the world.
“We will never waiver in our determination to be a global
financial player. However, we want to start with the sub-region
by playing the role of a big brother. And I must emphasize
that we are determined to maintain presence in all the major
capital of the world,” she said.
Assuring investors currently buying into the bank through
the ongoing public offer of a bumper return, she said the
bank would ensure that its shareholders grow alongside the
bank. She further promised to adequately enhance their financial
base through consistent payment of dividend, capital appreciation
and bonus issue.
The bank, it would be recalled is currently selling 3.4 billion
units of its shares to investors at a discounted rate of N16.50
per share. The offer is expected to end on April 13, 2007.
Describing the Offer as an investors’ delight, she attributed
the high patronage of the its stocks to the bank’s rich
history of dividends payout and bonus issues which had endeared
it in the hearts of its shareholders.
Meanwhile the bank for the second quarter has posted a profit
of N10 billion.The bank’s earning also increased by
56 per cent to N27.8 billion.
The bank’s second quarter report, made available to
our correspondent showed a 56 per cent increase in the gross
earnings from N17.9 billion to N27.8 billion, while its profit
before tax (PBT) also increased by 54 per cent, from N6.2
billion to N9.57 billion.
Analysts say the bank, with the good results, is poised to
consolidate the bank’s position in the banking industry
and achieve its aim of being the most profitable financial
institution.
Capital market analysts believed the results would further
heighten investors’ interest in the bank’s ongoing
public offer. The Offer, expected to increase the bank’s
shareholders funds by N55.4 billion to the threshold of over
N100 billion, is being undertaken to give investors opportunity
of being part of the bank, increase the bank’s capital
base and also increase its branch network locally and offshore.
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