Wema Bank has secured over $50 million in trade lines from various foreign correspondent banks and development finance institutions in excess of $20 million to support SMEs, amongst others.
Through these developments, the bank has reaffirmed its capacity to handle large international trade transactions, provide necessary finance and support for SMEs whilst also underscoring the confidence of foreign financial institutions in the bank’s risk management systems.
In a previous statement, Wema Bank said that it remained committed to providing the value-adding financial support to 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.
Established in 1945, Wema Bank offers various international trade and treasury services to its customers.
Tomorrow, the U.S. Chamber of Commerce plans to
Hold a reception for the Bahrain Banks Association, a trade group for banks operating in the Kingdom of Bahrain. The Bahrain Minister of Finance, Central Bank, and Bahrain Ambassador will be attending, and the event listing invites âbanks and investment firmsâ to attend.
John Kerry and Terrorism
Follow the Money:
Two decades ago, the Bank of Credit and Commerce International (BCCI) was a highly respected financial titan. In 1987, when its subsidiary helped finance a deal involving Texas oilman George W. Bush, the bank appeared to be a reputable institution, with attractive branch offices, a traveler's check business, and a solid reputation for financing international trade. It had high-powered allies in Washington and boasted relationships with respected figures around the world.
All that changed in early 1988, when John Kerry, then a young senator from Massachusetts, decided to probe the finances of Latin American drug cartels
Banks "catatonic' so consumers don't get TARP
As the new owner of $172.5 billion of preferred shares and warrants in 208 U.S. financial institutions, the Treasury Department hasnât succeeded in thawing frozen credit markets, leaving taxpayers propping up an industry that wonât lend to them.
While inter-bank lending rates have fallen since Congress approved the $700 billion Troubled Asset Relief Program on Oct. 3, most bank lending to consumers remains tight and interest rates high. The average credit-card rate was 14.33 percent on Dec. 16, according to IndexCreditCards.com in Cleveland, almost unchanged from 14
Following your lead: More bad econ news:
" Today in Finance for August 30, 2004
Economic Slowdown Sharper Than Projected
Real GDP increased at an annual rate of 2.8 percent in the second quarter, a significant slowdown from the first quarter's 4.5 percent.
Ed Zwirn, CFO.com
August 30, 2004
The U.S. economy's rate of expansion slowed more sharply in the second quarter than originally projected, according to a report by the Department of Commerce.
Real gross domestic product â the output of goods and services produced by labor and property located in the United States â increased at an annual rate of 2