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Report: Wema Bank seeks shareholder approval for M&A

Wema BankPlc said April 11 that it will ask shareholder approval in May tostart acquisition discussions with a competitor and issue bonds or preferenceshares, Reuters reported the same day.

CFO Tunde Mabawonku told the newswire that the bank isplanning to buy a medium-sized commercial bank and is "keeping a close eyeon various offers for sale in the market."

The Asset Management Corporation of Nigeria, the country'sbad bank, is looking for potential investors to acquire , while is seekingshareholder approval to explore a merger to strengthen its capital base, thenewswire noted.

Mabawonku added that Wema Bank will seek shareholderapproval to issue bonds or preference shares to raise 20 billion Nigerian nairain 2016, according to the newswire. He added that the bank has deferred plansto issue foreign-currency bonds due to currency risk.

The Nigeria-based bank will hold its shareholders meetingMay 5, the newswire noted.

As of April 11, US$1was equivalent to 199.05 Nigerian naira.