Financial Results, Performance, Increase in Share Prices, Insurance Business, Venturing into Insurance, Incorporation, Strategies for Growth, Acquisition, New Investors, Company Name Change

PM News . 14 June 2001 . Pg 3

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Wema Bank has announced its plans to venture into the insurance business by floating a new insurance company, Executive Insurance Company. The bank's Managing Director, Mr. Tunde Lemo, has stated that the move is part of the bank's strategy to diversify its investments and take advantage of the growing demand for insurance services in Nigeria. The new insurance company will be established with an initial capital of N120 million, and the bank will hold a 33% equity stake in the company. The move is seen as a response to the recent trend of banks venturing into insurance business, as well as the increasing demand for insurance services in the country.

Summary

Summary may not be accurate; generated by machine learning.

Wema Bank has announced its plans to venture into the insurance business by floating a new insurance company, Executive Insurance Company. The bank's Managing Director, Mr. Tunde Lemo, has stated that the move is part of the bank's strategy to diversify its investments and take advantage of the growing demand for insurance services in Nigeria. The new insurance company will be established with an initial capital of N120 million, and the bank will hold a 33% equity stake in the company. The move is seen as a response to the recent trend of banks venturing into insurance business, as well as the increasing demand for insurance services in the country.