10th May, 2011
Wema Bank says it will close down all its non-profitable branches.
The bank said in a statement in Lagos on Monday that the decision was in view of its new status as a regional bank.
It, however, said that it would open more branches in its area of operation and leverage on its comparative advantage.
“While addressing the choice of the bank’s regional banking application, the bank has deliberately adopted the strategy of concentrating efforts and resources in the areas where it commands traditional support and loyalty.
“It is set to leverage on its comparative advantage in Abuja, South-West and South-South geographical zones of Nigeria where it has chosen to operate and beef up activities therein,†the statement said.
The bank said that its electronic banking initiative had been strengthened to raise earning capacity of the bank and customers’ needs through the provision of several e-based products.
It said that customers outside its area of concentration would be served through correspondent banks.