12th August, 2011
The Mainstreet Bank Ltd. says its shareholders’ fund has risen through the injection of N285 billion by the Assets Management Corporation of Nigeria (AMCON).
The bank disclosed this in a statement by its Head of Corporate Affairs Department, Mr. Moshood Isamotu, on Thursday in Lagos.
It said that with the injection of the fund, the bank now had capital adequacy ratio above the regulatory 10 percent set by the Central Bank of Nigeria (CBN).
The bank also said that it had become one of the most capitalised banks in the country with the fresh injection of fund by AMCON.
According to the bank, the current capital adequacy position of the bank has positioned it to compete with similar institutions and grow quality risk assets and support the real sector.
“The bank is in good stead to implement its business growth plan, facilitate better banking operations and improved service delivery across all its branches,†the statement said.
The development, it also added, would afford the bank opportunity to finance big transactions and consequently generate increased revenue.
It said that the bank on Tuesday, August 9 repaid the N50 billion tier-two capital obtained by the defunct Afribank Nigeria Plc, on August 14, 2009.
It will be recalled that Mainstreet Bank Ltd. took over all deposits, liabilities and assets of former Afribank Nigeria Plc on August 5 because of its poor shareholders’ fund.