Oceanic Bank Let Shareholders in on Future Plans

The Board and Management of Oceanic Bank International Plc held an interactive session with the bank’s shareholders to chart a course for a solid future for the financial institution.
Speaking at the forum, Apostle Hayford Alile, Chairman, Oceanic Bank said the session represented the management’s commitment to ongoing dialogue with shareholders as it works towards repositioning the bank for a brighter future.
Commending shareholders and customers for their support, Alile reported that Oceanic remained committed to ensuring better returns for all shareholders through excellent banking services provided along the lines of globally accepted best practices.
John Aboh, GMD/CEO of the bank said the management of the bank with the support of the Board had come up with a recapitalisation plan that includes a combination of several options. These include: bad loan recoveries, provision write backs from restructured credits, and sale of none performing loans to the recently established Asset Management Corporation of Nigeria (AMCON).
The bank, according to him, is also considering the option of inflow of capital from a strategic investor with proven track record in good corporate governance practices as well as professional management in the banking sector. “We have received expression of interest from core investors desirous of buying into the bank. The management will continue to carry all stakeholders along from the moment definitive discussions commence in this regard. The assurance from management is that ultimately which ever option the Bank adopts will provide a platform for a solid future for the bank.”
He explained that the eventual recapitalization of the bank would translate to better returns for all stakeholders, better services for customers, growth and profitability of the business, job security for staff, and a solid future that would see Oceanic retaining its position as a reputable global brand in the finance sector.
Speaking on the bank’s financials, Mrs. Oyinkan Adewale, executive director/chief financial officer, said as of June 2010, customer deposits had grown in excess of N600 billion, an indication of the acceptance of the brand in the sector. Adewale reported that the bank had hit about N98 billion in loan recoveries while sustaining a profit run rate of approximately N2 billion monthly. She added that the bank’s books now bear a true picture and fair picture of its state following rigorous analysis of the past records.
Shareholders commended the management for its commitment to transparency, good corporate governance and consistent shareholder interactions. They however, urged the management to ensure that all stakeholders are involved in determining the bank’s future.