Emily Johnson
Tue, Jul 25, 2023 12:05 PM

NOVA Merchant Bank Transitions to Commercial Banking for Sustainable Growth

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NOVA Merchant Bank Transitions to Commercial Banking for Sustainable Growth
NOVA Merchant Bank has announced its transition into commercial banking, a move that will streamline its operations, bolster financial stability, and foster sustainable growth. The decision was unanimously approved by shareholders at the bank's Annual General Meeting. With the new license, NOVA aims to expand its range of financial services and cement its position as a leading player in the Nigerian banking industry. The bank's Managing Director reiterated the commitment to invest in new technologies and create exceptional customer experiences.

Lagos-based NOVA Merchant Bank has announced its transition from a merchant bank to a commercial banking license, a strategic move that seeks to streamline operations, enhance financial stability, and drive sustainable growth across the bank's businesses.

The announcement came during the company's 6th Annual General Meeting in Lagos, where NOVA's shareholders unanimously approved the transition. The board of directors presented comprehensive restructuring plans detailing the bank's move into commercial banking.

Phillips Oduoza, Chairman of NOVA Merchant Bank, addressed shareholders at the meeting, expressing his excitement about the bank's growth prospects. He emphasized that the decision to transition will help streamline operations, bolster financial stability, and foster sustainable growth for the bank.

Oduoza stated, "This strategic move aligns with our vision of expanding operations, diversifying services, and providing exceptional services to our valued customers. NOVA has had a remarkable legacy of growth and progress since its inception, and the commercial banking license will further strengthen the bank's revenue base, create value, enhance earnings growth, and deliver higher returns for our shareholders."

NOVA's Managing Director, Nath Ude, highlighted the bank's commitment to extending its comprehensive range of financial services throughout Nigeria. The transition to a commercial bank solidifies NOVA's position as a leading player in the Nigerian banking industry.

Ude stated, "The resounding approval from our shareholders reflects their confidence in NOVA's ability to thrive in the evolving financial landscape. As we transition into a commercial bank, we aim to expand our services and further enhance our position as a trusted provider of cutting-edge financial solutions in Nigeria."

The bank's commitment to innovation is further emphasized as Ude mentioned their intent to invest in new technologies. NOVA will leverage its robust digital platform to create exceptional service experiences for its customers.

In addition to the transition news, shareholders also ratified NOVA's outstanding performance and significant growth for the full year ended December 31, 2022. The bank's innovative offerings and exceptional customer service contributed to its success across various indicators.

In conclusion, NOVA Merchant Bank's transition to commercial banking marks an exciting phase of growth and expansion. With a strengthened revenue base, the bank is poised to offer innovative financial solutions, cementing its position as a leading player in Nigeria's banking industry.

Source of content: OOO News 2023-07-25 News

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