Brief Profile of WEMA Bank Plc by OpeBello


									Brief Profile of WEMA Bank Plc

        Widely reputed as the longest surviving and most resilient indigenous Nigerian bank, Wema
Bank Plc has over the years, diligently offered a fully-fledged range of value-adding banking and financial
advisory services to the Nigerian public.

        Incorporated in 1945 as a Private Limited Liability Company (under the old name of Agbomagbe
Bank Limited) and commencing banking operations in Nigeria the same year, Wema Bank later
transformed into a Public Limited Company (PLC) in April 1987 and was listed on the floor of the
Nigerian Stock Exchange (NSE) in January 1990. On February 5, 2001, Wema Bank Plc was granted a
universal banking licence by the Central Bank of Nigeria (CBN), thus allowing the Bank provide the
Nigerian public with diverse financial and business advisory services.

       However, in 2009, the Bank underwent a strategic repositioning exercise spearheaded by a new
management team that has seen its profile rise considerably which finally culminated into its taking a
sound strategic decision to operate as a commercial Bank with regional Scope in South-South Nigeria,
South-West Nigeria, Lagos and Abuja in 2011.


         With a distinctive industry brand, Wema Bank's offers a full range of financial services to a select
clientele that include but are not limited to; commercial and consumer banking, institutional banking,
corporate finance, retail banking, trade finance and foreign-exchange operations.

        The Bank maintains a broad client base comprising; government parastatals and agencies, small
and medium-scale enterprises (SMEs), middle-tier to multinational companies and diversified business
enterprises whilst also ensuring different sectors of the Nigerian economy from telecommunications,
manufacturing, agriculture, food and beverages, oil and gas industries, construction, are impacted.

       With about 130 branches spread across its target areas, the Bank's operation is presently
supported by processes, technology and structures that are in tune with global standards, and most
importantly, a highly skilled workforce to ensure seamless and excellent service delivery to its various

        In the past few years, Wema Bank Plc has achieved major advances in e-banking, network
expansion and quality of service delivery and today operates an ultra-modern innovative Information
Technology structure with an integrated computerized banking system based on the world-class Finacle
Banking Software platform. This infrastructure interconnects all the Bank's branches and service
stations, while enabling the provision of online, real-time banking services to the Bank's customer base.
These have positively impacted the bank’s financial performance and with its current drive at corporate
transformation, the bank is strategically positioned to fully leverage new and exciting opportunities in
the industry.
       Wema Bank offers a wide range of electronic banking products accessible via its website,, and has deployed scores of Automated Teller Machines (ATMs) located to all
major branches.

        The Bank also introduced its innovative electronic debit card, “The Wema MasterCard”, that
allows customers to perform basic financial transactions via ATMs, PoS (Point of Sale) terminals, Online
Shops & e-commerce websites, WemaMobile (Wema Bank Java & Android-based Mobile banking
applications) and Internet-based Web Pay (online purchase/payment) 24hours a day, 7 days a week.


         Wema Bank currently boasts of both financial and non-financial subsidiaries which have been
fully integrated into the corporate objectives and culture of the bank.

        Proud of its business pedigree and backed by a burgeoning domestic franchise, Wema Bank has
built robust and rewarding relationships and business alliances with various correspondent Banks
around the globe, which positions Wema to offer efficient banking services to its valued customers
within and outside Nigeria. These correspondent Banks include Citibank, HSBC, Standard Chartered Bank
(London), Lloyds Bank, ANZ Banking Group, BHF Bank (Frankfurt) and Union Bank Plc (London).


         Since its transformation into a Public Limited Company (PLC), the Bank’s shareholders’ funds
have been in excess of N25 billion, with an asset base of N165 billion. Having served the Nigerian public
diligently for over 60 years, Wema Bank Plc is reputed as the longest surviving and most resilient
indigenous bank in Nigeria. Currently, the Bank’s majority equity of 90% belongs to both private and
corporate investors, including staff of the Bank, while Odu’a Investment Company Limited owns the
remaining 10%.


        Wema Bank Plc's Board is made up of experienced, tested, and astute business leaders headed
by Chief Samuel Bolarinde as Chairman. The board is composed of 4 Executive and 10 Non-Executive

        The management team is led by Mr. Segun Oloketuyi, a first-rate banker and inveterate change
agent with several years of banking and managerial experience, as the current Managing Director/Chief
Executive Officer of the Bank. Prior to coming on board as the MD/CEO, Oloketuyi was an Executive
Director at Skye Bank Plc. He leads a bright and dynamic team at Wema Bank.

        With a culture based on the principles of professionalism, Service excellence, Integrity and
Innovation, the Bank currently employs slightly below 2,000 staff anchored on the skills and experience
of seasoned professionals from across the financial services industry. The deepening of the Bank's
human capital base is in pursuit of total and enterprise-wide transformation which the Bank recently
embarked upon.

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