Business
INFINITY Trust Mortgage Bank (ITMB) Plc, on Thursday announced plans to raise additional N50 billion capital via private placement to help it upgrade to a digital commercial bank.
Mrs Okwa Iyana, Chairman, ITMB, revealed this to capital market stakeholders at the company’s Facts Behind the Figure Presentation held at the Nigerian Exchange Ltd. (NGX) in Lagos.
Iyana stated that the exercise was part of the management’s strategic move to latch on to new opportunities and expand its reach as a catalyst for financial inclusiveness.
She noted that the move demonstrated an overwhelming vote of confidence by shareholders in the bank’s potential, people and prospects.
“As we navigate through the complexities of our dynamic industry, we remain steadfast in our mission to provide innovative, customer-centred solutions, to foster sustainable growth and create long term value for all our stakeholders.
“Our unwavering commitment to excellence, integrity and transparency have been the compass of our success till date and we will continue to uphold these values,” she said.
According to her, since ITMB was listed on the NGX in 2013, the management has maintained dividend payout to shareholders in the fifth month of every year.
The chairman added that this track record began before ITMB was listed on the NGX, and had become a culture that it was committed to sustaining.
In her presentation, the Acting Managing Director/Chief Executive Officer, ITMB, Mrs Ngozi Chukwu, said the aim of the firm’s capital raise was to transform to a digital commercial bank.
Chukwu said the mortgage bank focused on providing finance to essential sectors and addressing challenges faced by Micro, Small and Medium-sized Enterprises (MSMEs) as well as unbanked persons to bridge financial inclusion.
She expressed worry that over 75 per cent of MSMEs rely on internal capital to grow their businesses due to limited access to finance, which was considered largely inadequate and inefficient.
“Our target customers will be MSMEs, unserved and underserved by microfinance bank and commercial banks,” she said.
According to her, ITMB intends to deploy the additional capital to create digital banking, transportation and logistics, asset management, healthcare and pharmaceutical, real estate and green finance.
Also, she added that it would create value in agriculture, foreign exchange, women and youth empowerment and real sector financing.
In his address, Mr Jude Chiemeka, Chief Executive Officer, NGX, commended the board and management of ITMB for enhancing its operations, promoting business continuity and restoring investor’s confidence despite the prevailing economic challenges.
Chiemeka said: “the commitment and dedication to these goals reflects the company’s resilience and adaptability, and these are essential in today’s market environment. (NAN)
A.I
Aug. 23, 2024
Tags: Infinity Trust Mortgage Bank ITMB MR Jude Chiemeka Mrs Ngozi Chukwu Mrs Okwa Iyana
