Wema Bank
Encyclopedia
Wema Bank Plc, commonly known as Wema Bank, is Nigeria's most resilient and the longest surviving indigenous commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

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History

The bank was established in 1945, as a private limited liability company. It was granted a commercial banking license and commenced banking activities during the same year. Wema Bank converted to a public limited liability company in 1987. In 1990, the bank was listed on the Nigerian Stock Exchange. It trades under the symbol: WEMABANK. It was granted a Universal Banking License in February 2001.

Overview

Wema Bank is a large financial services provider that has been in the banking business continuously for the past 65 years. It is the oldest indigenous commercial bank in Nigeria.

Subsidiaries

The subsidiary companies of Wema Bank Plc. include the following:
  1. Wema Assets Management Limited - Lagos
    Lagos
    Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...

    , Nigeria
    Nigeria
    Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...

     - 100% Shareholding
  2. Wema Registrars Limited - Lagos, Nigeria - 100% Shareholding
  3. Wema Insurance Brokers Limited - Lagos, Nigeria - 100% Shareholding
  4. Wema Homes Limited - Lagos, Nigeria - 100% Shareholding
  5. Wema Securities and Finance Plc. - Lagos, Nigeria - 80% Shareholding
  6. Frontage Communications Limited - Lagos, Nigeria - 80% Shareholding

Ownership

Wema Bank Plc. is a publicly traded limited liability company, trading under the symbol: WEMABNK on the Nigerian Stock Exchange. According to the company website, the shareholding in the bank is as depicted in the table below:

{| style="font-size:100%;"
|-
| width="100%" align="center" | Centenary Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||SW8 Investment Ltd||31.33
|-
|2||Odu'a Investment Company Limited||9.47
|-
|3||Private Investors & Wema Bank Staff||59
|-
| ||Total||100.0
|-
|}

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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