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Banking Sector

Ebenezer Onyeagwu Acquires Another 3 million Zenith Bank Shares; Total in March Now 8 million

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Ebenezer Onyeagwu - Investors King

The management of Zenith Bank Plc on Tuesday announced that the bank’s Group Managing Director and Chief Executive Officer, Ebenezer Onyeagwu added 3 million shares of the bank to his holdings.

The GMD/CEO bought the 3 million shares at N22.50 per share or N67.500 million on Monday 22, March 2021 from the Nigerian Stock Exchange in Lagos, Nigeria.

This was after he bought 5 million shares at an average price of N22.41 per share or N112.050 million on Friday 19, March 2021. Bringing the total amount invested in the bank in March by Onyeagwu to N179.550 million.

The disclosure is in line with the Nigerian Securities and Exchange Commission (SEC) requirement that all insider dealings must be disclosed in line with the commission’s latest disclosure policy.

However, it also helps stakeholders or everyday investors assess the confidence of top executives in the company they managed. See the details of the latest transaction below.

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Banking Sector

Access Bank South Africa Begins Operation

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Access Bank South Africa- Investors King

Following Access Bank Acquisition of African Banking Corporation (BancABC Mozambique), Access Bank South Africa officially opened its door for business yesterday.

The bank described the development as another step in engraving Access Bank Plc into the continent’s history.

Noting the enthusiasm of all parties leading up to this day, Access Bank CEO, Herbert Wigwe said the SADC region represents the strongest economy on the African continent.

“This means Access Bank SA is firmly seated in one of the principal geographical areas apart from Nigeria, in terms of the size of the economy, and unlocks the gateway to the entire Southern African region,” he was quoted to have said in a statement.

Wigwe highlighted Access Bank’s solid presence in Zambia too, saying the opening of the South African subsidiary cements the Bank’s commitment to sub-Saharan Africa as a portal for exceptional banking opportunities across the continent.

Building on the organisation’s vision of delivering a robust banking operation that connects key African markets, the CEO of Access Bank SA, Bennie van Rooy, described the development as, “an exciting event for the South African banking industry,” as well as the provision of sustainable support to existing customers while appealing to new clients with a business presence across Africa.

“As part of the robust Access Bank family, the South African operations look forward to contributing meaningfully to the achievements and ambitions of the Group. In offering a full suite of financial service products to a market we understand in-depth, Access Bank SA is delighted to grow the family footprint,” he added.

Continuing, Wigwe said the Group would continue to focus on building relationships, as a partner in both businesses and in communities it serves.

“It’s vital that our banking solutions give clients the advantage they need to grow sustainably, with access to smart solutions that help them reach greater goals,” he added.

With its transactional account and online banking, commercial and asset finance, offshore investments and Forex requirements or deposit solutions, Access Bank puts the power of choice in clients’ hands.

“Partnerships with all our clients mean power for them to achieve their aspirations, while Access Bank’s growth brings greater advantages in the financial sector. Like Bennie, I am excited to be on this path with the knowledge and experience of the continent that we share,” said Wigwe.

“We look forward to the opportunities that present themselves with opening doors for individuals and businesses, and growing possibilities as we go.”

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Banking Sector

Stanbic IBTC’s Upgraded USSD Platform Offers “Bigger And Better” Functionalities

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Stanbic IBTC - investorsking.com

Stanbic IBTC Bank, a member of Standard Bank Group, has upgraded its USSD platform with innovative features and capabilities to improve customer experience.

The upgraded USSD banking platform tagged “bigger and better” will enable customers to make seamless transactions continually.

Some of the new features on the upgraded platform include the bill payment gateway for billers such as the DISCO companies, which will enable customers to pay their electricity bills without stress; auto-airtime top-up, which allows customers to set up a mandate for airtime top-up whenever their balance drops below a set benchmark; as well as direct data top-up.

Speaking on the rationale behind the USSD platform upgrade, Remy Osuagwu, Executive Director, Personal and Business Banking, Stanbic IBTC Bank, said, “We are dedicated to meeting the banking needs of our customers. Improving customers’ experiences at every touchpoint with the brand is critical. We are optimistic that the new features added to our USSD platform will indeed give our customers a bigger and better banking experience.”

Offering customers easy, fast and secure financial transactions, the Stanbic IBTC USSD platform works on any mobile phone. It can be used to purchase airtime, transfer funds, check account balance, request account statements, make bills payment, view transaction history, link a debit card to a wallet and more.

To onboard, customers should dial *909*11*1# to register and enter the last four (4) digits of their debit cards to create an authentication PIN that will be used to approve transactions anytime and anywhere. Existing users on the platform have access to the upgraded functionalities by just dialing *909# and following the prompt.

Remy Osuagwu assured the Bank’s esteemed customers of the organisation’s commitment to continually develop digital banking solutions to meet their needs as they evolve.

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Banking Sector

Ecobank $350M Bond Was Three Times Oversubscribed By Investors

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Ecobank - Investors King

Ecobank Transnational Incorporated, the parent company of the Ecobank Group, says it has successfully raised $350m Tier 2 Sustainability Notes.

ETI said in a statement on Friday that the bond was more than three times oversubscribed by investors.

“This represents the first-ever Tier 2 Sustainability Notes by a financial institution in Sub-Saharan Africa,” it said.

According to the statement, the Tier 2 issuance is the first to have a Basel III-compliant 10NC5 structure outside of South Africa in 144A/RegS format and will be listed on the main market of the London Stock Exchange.

It said, “The bond, which matures in June 2031, has a call option in June 2026 and was issued with a coupon of 8.75 percent with interest payable semi-annually in arrears.

“An equivalent amount of the net proceeds from the notes will be used by ETI to finance or re-finance, new or existing eligible assets as described in ETI’s Sustainable Finance Framework.”

ETI said investor interest for this sophomore Eurobond issue was global, including United Kingdom, United States, Europe, the Middle East, Asia and Africa, achieving a 3.6x oversubscribed order book, of over $1.3bn at its peak.

The Group Chief Executive Officer of ETI, Ade Ayeyemi, said, “This is a landmark issue for Ecobank, and indeed the success of this first Sustainable Tier 2 issuance is testament to our clear strategy, solid positioning across the pan-African banking space as well as our deliberate and long-term focus on sustainable initiatives.

“We are particularly pleased with the diverse order book which reflects the confidence investors have in Ecobank to deliver on our commitment to sustainable financing.”

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