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| Wema Bank headquarters |
Wema Bank plc is the oldest indigenous bank in the country. It provides a wide array of retail, corporate and SME banking services including current and savings accounts, personal and business loans, debit and credit cards, cash management, agricultural finance, internet and mobile banking, foreign exchange, payment solutions, investments as well as trade and financial advisory services. The company commenced operations under the name of Agbomagbe Bank Limited in 1945. It was transformed into a public limited company in 1987 and was granted a universal banking license in 2001. Currently, the Bank’s majority equity of 90% belongs to private and corporate investors, including staff, while Odu’a Investment Company owns the remaining 10%. With approximately 1,000 employees, the Bank serves 1.6 million accounts and operates a network of about 140 branches, 190 ATMs and 3,270 PoS terminals mainly in South-West Nigeria, 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, 2017, Wema Bank had total assets of N385.988 billion, customer deposits of N251.719 billion and loan book of N205.714 billion.
Financials (N billion)
| 06/2017 | 2017 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |
| Total assets | 385.988 | 424.044 | 396.743 | 382.562 | 330.873 | 245.705 | 221.157 | 216.984 | 150.936 |
| Total deposits | 251.719 | 283.302 | 284.978 | 258.96 | 217.735 | 174.302 | 147.387 | 121.247 | n/a |
Wema Bank subsidiaries:
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)
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
SWIFT code: WEMANGLA
Website: www.wemabank.com