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Iroche assures FinBank’s customers of safety of deposits

By Yinka Kolawole
The new Managing  Director/Chief Executive Officer of FinBank Plc, Mrs. Suzanne Iroche, Tuesday, in Lagos assumed duty at the bank with an assurance that the bank remains sound.

Addressing a Press conference, Iroche who was appointed by the Central Bank of Nigeria (CBN) last week to oversee the running of the bank following the sack of Managing Directors of five banks, noted that the intervention by the apex bank was made to safe guard customers’ deposit and strengthen the bank.

She said that transition from the former executive management of the bank has been smoothly completed, adding that the CBN will soon appoint Executive Directors for the bank.

“We wish to state that FinBank remains a strong going concern, capable of meeting its liabilities and obligations. The CBN on Friday August 14, 2009 injected a long-term 5-year loan of N50 billion into the bank, which has been classified in the books of the bank as Tier II capital. With this, the bank has effectively been recapitalised, its balance sheet has been strengthened and its liquidity position significantly enhanced.

“We therefore assure our esteemed customers that the bank is sound. There is no cause for panic as the bank is capable of meeting its obligations as at when due. We encourage our customers to continue to do business with the bank as Management is committed to the safety of depositors’ money. The action of the CBN is in the best interest of the banking industry, the economy and customers.

“The mandate of the new management is to entrench strong corporate governance, evolve a robust risk management framework and aggressively pursue the recovery of non-performing loans so as to clean up the Bank’s balance sheet. We are committed to achieving this to ensure we build a strong financial institution that wit! contribute to the growth of the national economy.

“To our shareholders, we wish to assure them of the safety of their investments. We will do everything possible to justify the confidence reposed in the bank by investing in it. We shall work assiduously to ensure that we deliver good return on their investment. All we ask for is their patience and understanding.
“To our staff, we have advised them to go about their duties with confidence and dedication. The CBN intervention is in the overall interest of everyone and FinBank will continue to provide the right environment that will encourage career growth for its staff.

“There is absolutely no cause for concern. The CBN has reiterated the fact that Government will not allow any bank in Nigeria to fail. It is in our best interest that Nigeria has a strong and virile banking industry. Our commitment is to add value to all our stakeholders as well as contribute to the economic development of Nigeria,” Iroche stated.

It would be recalled that the CBN last week sacked  the Managing Director/Chief Executives and Executive Directors of Afribank PLC, Finbank PLC, Intercontinental Bank Plc, Oceanic Bank Plc and Union Bank Plc due to high level of non performing loans in the five banks which was attributable to poor corporate governance practices, lax credit administration processes and the absence or non-adherence to the banks’ credit risk management practices.


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