Wema Bank
Wema Bank headquarters  

Wema Bank

Wema Bank plc is the oldest indigenous commercial bank in Nigeria. The company provides retail, commercial and institutional banking services including current and savings accounts, personal and business loans, debit and credit cards, trade services, cash management, agricultural finance, internet and mobile banking, payment solutions, investments products as well as foreign exchange and financial advisory services. It commenced operations under the name of Agbomagbe Bank Limited in 1945. The Bank was transformed into a public limited company in 1987 and was granted a universal banking licence in 2001. Currently, the Bank’s majority equity of 90% belongs to both private and corporate investors, including staff of the Bank, while Odu’a Investment Company owns the remaining 10%. With 1,106 employees, the Bank has 1.6 million accounts and operates a network of 135 branches, 193 ATMs and 3,269 PoS terminals mainly in South-South Nigeria, South-West Nigeria (including Lagos) and Abuja. The correspondent banks include HSBC, Citibank, Lloyds Bank, Standard Chartered Bank, Union Bank (London), ANZ Banking Group and BHF Bank (Frankfurt). As of June 30, 2015, Wema Bank had total assets of N344.638 billion (US$1.7 billion), customer deposits of N234.1 billion and loan book of N134.6 billion. As of December 23, 2015, it had a market capitalization of N34 billion.

 Financials (N billion)

  2015 H1 2014 2013 2012 2011 2010 2009
Total assets 344.638 382.562 330.873 245.705 221.157 216.984 150.936
Total deposits 234.100 258.96 217.735 174.302 147.387 121.247 n/a

Wema Assets Management Ltd
Wema Registrars Ltd
Wema Insurance Brokers Ltd
Wema Homes Ltd
Wema Securities and Finance Plc
Frontage Communications Ltd

Credit ratings (Fitch, 2015)
Long-Term Issuer Default Rating (IDR): B-
Short-Term IDR: B
Long-term National Rating: BBB- (nga)
Short-term National Rating: F3 (nga)

Head office address:
54 Marina, Wema Towers
Lagos, Nigeria
Phone: (234) 1 271 1697
Fax: (234) 1 266 8303
Website: www.wemabank.com