Abbey, VFD strategic deal to facilitate growth plan, shareholders’ value
26 February 2020 |
4:11 am
Abbey Mortgage Bank Plc has announced that its strategic partnership with VFD Group Plc would enable the bank play major roles in the financial service industry, and ultimately boost shareholders’ return on investment.
Abbey Mortgage Bank Plc has announced that its strategic partnership with VFD Group Plc would enable the bank play major roles in the financial service industry, and ultimately boost shareholders’ return on investment.
Addressing stockbrokers during the bank’s ‘Bell Ringing Ceremony’ at the Nigerian Stock Exchange (NSE), in Lagos, yesterday, the Managing Director Mrs Rose Ada Okwechime, assured that the mortgage lender will leverage VFD’s innovative and aggressive drive to enhance shareholders’ value and boost profitability, going forward.
She said: “I am pleased to inform you that the strategic partnership, which Abbey Mortgage Bank Plc nurtured has resulted to VFD Group Plc, acquiring 35 per cent stake in Abbey Mortgage Bank Plc.
“The new investments will enable the two groups form a strategy that would propel us to play major roles in the financial services industry.”
She added: “Abbey’s stable, longstanding business ethics and customer centric culture will blend and grow with VFD’s innovative and aggressive drive to create superior value.”
According to her, the synergy would transform the firm into becoming a major player in the market, contribute to economic growth and deliver good returns to shareholders.
Abbey Mortgage Bank Plc was incorporated in 1991, and licensed to carry on business as a primary mortgage institution (PMI) by the Central Bank of Nigeria (CBN), on January 11, 1992. Full commercial operations commenced on March 11, 1992.
The Group Managing Director and Chief Executive Officer of VFD Group, Nonso Okpala, while announcing the deal in Lagos, last month, had said: “This investment presents opportunity for quick wins across board. Beyond the new client base and geographic reach this investment presents us, it is strategic towards driving the value chain and up selling of our real estate business.
“While we continue to seek out viable investment in diverse sectors, this investment further enhances our ability to ring-fence financial service offerings and make VFD Group and its subsidiaries a ‘one-stop shop’ for varying customer needs.
“I will like to express my gratitude and that of the executive team for the support received along this journey and I look forward to a year that brings more of such landmark.”
VFD Group is a financial services-focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.
On October 21, 2008, the Bank became officially listed on The Nigerian Stock Exchange.
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