Ibadan - There are strong indications that Wema Bank PLC, has concluded plans to raise N150 billion from the capital market through a combination of offers for subscription (IPO) and foreign capital injection.

According to sources from the bank hierachy, N85 billion will be raised locally from the capital market while the balance of N65 billion is the expected foreign capital injection from institutional investors.

This is coming on the heels of very strong capital market successes recorded by financial institutions in Nigeria in recent times. Investors have also benefitted from the largesse and the high rate of returns as experienced by investors who purchased shares from institutions such as First Bank, Access Bank, Fidelity Bank, Afribank, and non-financial institutions such as Dangote Sugars PLC.

Other banks currently selling shares to the public as of this reports are: Zenith Bank and IBTC.

Read the details from the Nigerian Tribune Newspapers: http://www.tribune.com.ng/11122007/news/news10.html

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