DEAP Capital Management and Trust Plc,is planning to reposition its operations with a view to transforming into a merchant bank in line with the new banking guideline announced by the Central Bank of Nigeria (CBN).

The Managing Director/Chief Executive Officer of the company, Mr. Emmanuel Ughoh, who disclosed this in a statement, said the decision for the transformation came at the end of a special business retreat held by the directors and staff of the company in Lagos recently.

According to him, the retreat, which was attended by participants from all companies under the DEAP Group-DEAP Capital, Resort Savings & Loans Plc, Resort Securities & Trust Limited, DVCF Oil & Gas Plc and Resort Developers Limited, was used to review the performance of the company since it commenced business eight years ago.

According to him “ during the retreat an assessment of the impact of the global economic meltdown on the company in the past two years was made.  The participants were divided into five syndicate groups for discussions.

A major issue that ran through each group discussion was the review of the current business model of DEAP Capital with a view to remodeling it or defining a new corporate direction for the company and the key business drivers,” he said.

Ugboh explained that there was an overwhelming consensus of opinion from all the syndicate groups that DEAP Capital has been affected by the rapid change in the regulatory and operating environment. in the past two years and needs to review its products, marketing, branch arrangement, relationship with subsidiary/associated companies and focus more on services.