Nigeria's Wema Bank says raising $100 mln Tier II capital to grow loans

April 2, 2015 4:01 PM

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LAGOS, April 2 (Reuters) - Nigeria's Wema Bank aims to complete a $100 million Tier II capital raising exercise by the second quarter of this year to fund its growing foreign currency loan portfolio, its chief financial officer said on Thursday.

Tunde Mabawonku said the commercial lender also planned to start the process of raising fresh equity capital of between 30 billion naira ($151 million) to 40 billion naira, from strategic investors by the fourth quarter.

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