Brief: Wema Bank Plans N20bn Bond Issue This Month

Wema Bank Plc, which aims to expand its branch network this year, is planning to issue N20bn ($63m) in bond this month, its Chief Finance Officer, Mr. Tunde Mabawonku, has said.

The bank is issuing local currency bonds after scrapping plans last year to issue a $100m seven-year dollar bond because of currency risks.

“We expect to open in a couple of weeks. We are awaiting final regulatory approvals and we expect to conclude the process this quarter,” Mabawonku told Reuters by telephone. Punch