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New Spring Bank board recovers N13 bn insider-related loans

Posted by By Sun News Publishing on 2008/06/30 | Views: 2692 |

New Spring Bank board recovers N13 bn insider-related loans


Managing Director/Chief Executive Officer of Spring Bank, Dr. Suleyman Ndanusa has announced the recovery of over N13billion insider-related loans since the take over by the interim management board.

•Receive commendation from CBN, NDIC, shareholders

Managing Director/Chief Executive Officer of Spring Bank, Dr. Suleyman Ndanusa has announced the recovery of over N13billion insider-related loans since the take over by the interim management board.

Ndanusa, who gave a scorecard of the performance of the interim board also disclosed that over N10billion loans have been restructured and were performing.
He also reported a remarkable improvement in the banks’ liquidity, noting that the bank was now a net-placer in the money market, a feat that projected the ever deepening customer and depositor-confidence in the bank.

Ndanusa said new products have been created and launched into the market to give customers additional value by meeting their peculiar needs.
He said staff morale had been raised and that in the last couple of months, staff are ever ready to put in their best in the service of the bank.
"Staff polarization is a thing of the past as there is now a uniform, happy and confident workforce that is determined to pursue the bank’s mission of being the global retail brand," he said.

Already, the performance of the interim board has been commended by the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and shareholders of the bank.
The commendations poured in a scorecard presentation by the Vincent Omoike led IMB to a joint meeting of the regulatory bodies, court appointed shareholders’ representatives and major individual shareholders as well as the IMB and management of the bank at the CBN Headquarters, Abuja recently.

Impressed by this development, the court appointed shareholders’ representatives and key stakeholders from the six legacy entities of Spring Bank unanimously called on the regulatory authorities to extend the tenure of the IMB to December 31, 2008 to enable it conclude its work and set the bank on the path of sustained recovery.

The joint appeal for tenure extension indicated that the issues of differences which nearly destroyed the bank a year ago have been successfully addressed, forming the platform on which the court appointed shareholders unanimously endorsed the strategic options proposed by the IMB to either raise additional capital for the bank or identify strategic partners for a possible merger, after due consideration at a general meeting.

Chairman of the bank, Mr. Vincent Omoike, thanked the CBN and the NDIC for the understanding and support both institutions have displayed to ensure the survival of the bank. He also thanked the numerous customers of the bank who have remained steadfast during the very challenging times the bank has witnessed.

The CBN Deputy Governor in charge of Financial Surveillance, Mr. Tunde Lemo, who represented the CBN Governor, Dr. Chukwuma Soludo, commended the IMB for a job well done and the shareholders for their patience and support which were necessary ingredients for the positive achievements made so far.

The Managing Director/CEO of the NDIC, Alhaji Ganiyu Ogunleye, appealed to the various stakeholders not to relent in their support of the efforts of the IMB to turn the bank into an institution that will yield big returns to everyone.

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