BankPHB has launched an Integrated Import Finance programme, that will help ease the importation of semi-processed goods finished goods, raw materials among others.
According to a statement by the bank,Â the program will provide financial support to manufacturers and other traders dependent on imported raw materials and finished goods into the country, adding that a similar program is being developed for exporters of commodities.
The statement reads, â€œThis product is targeted at the bankâ€™s top end commercial and corporate banking names with good and sustainable business for importation of semi processed goods, finished goods, raw materials and other off-the-shelf items.
â€œHowever, the goods to be financed must not be on the Federal Government prohibition list and must have a minimum shelf life of nine months and must not be seasonal, perishable, specialised, fixed assets or those exempted from inspection.â€
The statement explained that the introduction of the program is part of the bankâ€™s ongoing â€˜return to businessâ€™ strategy unveiled recently.
The statement noted that the new business intent is built on the bankâ€™s six strategic pillars of recapitalisation, debt recovery, risk management and governance control, re-engagement with customers and other stakeholders, staff welfare and business efficiency.
It reads, â€œAs part of its recapitalisation drive Bank PHB has put in place strategies to ensure it is recapitalized by the end of the year. The bank is already working closely with the Central Bank of Nigeria (CBN) appointed financial advisers in its recapitalisation drive while strengthening internal control and balance sheet to ensure the bank maximizes its earnings from deployed assets.