By Amaka Ifeakandu
In its effort to sustain its strong growth path to recovery, Wema Bank has secured over $50 million in trade lines from various foreign correspondent banks and development finance in excess of $20 million dollars to support SMEs amongst others.
A statement signed by head, corporate communications, Wema Bank, O’tega Ogra said that through these developments, the Bank has reaffirmed its capacity to handle large international trade transactions, provide necessary finance and support for SMEs.This will also underscore the confidence of foreign financial institutions in the Bank’s risk management systems.
In a previous statement, the Bank said that it remained committed to providing the value-adding financial support various sectors of the Nigerian economy – especially as it relates to SMEs.
Wema Bank’s recent return to profitability has been hailed as outstanding by industry watchers and investors given the challenges faced before the new management came on board. However, the management’s commitment to the transformation process it put in place has been hugely successful and has seen it return to profitability within four years whilst also instituting sound corporate governance and risk management frameworks in the process.
Wema Bank which established in 1945 offers various international trade and treasury services to its customers.
