The Ag. President of theÂ Â Federal Republic of Nigeria and Commander-In-Chief of the Armed Forces, His Excellency, Dr. Goodluck Jonathan last week commended the management team of Spring Bank Plc for stabilizing the bank in the wake of the global economic meltdown and the financial crises that hit the nationâ€™s banking industry late last year.
Speaking when the Spring Bank management team, led by the Group Managing Director/CEO, Mrs. Sola Ayodele, called on him at the Aso Villa, Abuja, the Ag. President expressed happiness at the way the Central Bank of Nigeria (CBN) and the new helmsmen of the rescued banks weathered the attendant storm after the stress audit in the banking industry.
Dr.. Jonathan said â€œduring the crises, people expressed a lot of concern, thinking that they will lose their money, but with the efforts of the CBN and the new bank managers, this has not happened.â€ He reiterated the federal governmentâ€™s resolve to support the banks saying that â€œit is in the interest of the Federal Government to ensure that the country has a sound financial system.
Earlier, the Group Managing Director/CEO of Spring Bank briefed the Ag. President of the achievements recorded so far, since the assumption of office of the CBN appointed executive management while asking for further support from the Federal Government to consolidate on the modest gains.
Mrs. Ayodele said that although taking up the mantle of leadership of the bank at a period of both a global economic meltdown and financial crises in the country is quite challenging, the executive management team sees the appointment as a national assignment and therefore has resolved to ensure that Spring Bank is placed on the path of growth and profitability to the satisfaction of all stakeholders.
She was accompanied on the call by the Executive Director, Business Development, Dr. Kabir Ahmed; Regional Head, Abuja and North â€” Mr. Charles Ajaegbu; Group Executive, Public Sector â€” Mrs. Juliet Archibong; Group Executive, Brand Management â€” Igwe Udo Igwe and Relationship Manager â€” Geoffrey Otokito.
It would be recalled that the bank had last week re-introduced one of flagship products, the COTPlus. Rather than pay charges on transactions, also better known as COT, the customer is paid COT, thereby, minimizing his transaction costs.
The Spring Bank COTPlus, according to the release made available to our correspondent is a non_borrowing current account that is indeed highly sought after by high networth customers, trading companies, Non_Governmental Organisations (NGOs) and other financial institutions like insurance firms, Bureau De Change (BDCs) and Pension Funds Administrators (PFAs) as well as government parastatals.
With a minimum balance of N100, 000 (One Hundred Thousand Naira) only, the repackaged COTPlus product is coming with relaxed terms, to the extent of an enhanced withdrawal frequency. This is in addition to other current account attributes which among others include lodgment of all clearing instruments, access to telephone, internet banking and money transfer service within the bankâ€™s branch network.