The bank said the proposed capital raising exercise was an affirmation of the confidence the board and shareholders have in its prospects.
Recently, there were reports about disagreements over the tenure of the Managing Director,
Observers interpreted the disagreement as a major rift in the bank's management, an interpretation vehemently denied by
"To set the records straight for the attention and benefit of all our regulators, bankers, shareholders, customers, investors, strategic stakeholders and the general public, there is no rift in the board of the bank, other than legitimate exercise of divergent opinions on a matter in the ordinary course of the directors' duties," the bank said.
To underscore its claim, the bank cited the approval of the proposed placement of ordinary shares at an extraordinary general meeting on
The bank said the proposed capital raising exercise was an affirmation of the confidence the board and shareholders have in its prospects, despite the current economic uncertainties occasioned by the COVID-19 pandemic.
On the disagreement over the appointment of a successor to the incumbent managing director, the bank said the issue was considered by the board as the expiration of his contract was approaching.
The bank said that while some directors were of the opinion that a change of the leadership was required to pursue some critical strategic goals, others were of the view that he should continue, given the very impressive performance of the current management.
The bank said the board nonetheless went ahead to appoint
Since
The bank said the approval obtained from the relevant regulatory authorities materially modified the intention of the board as expressed in the conditional offer to
The bank, however, assured its customers, shareholders, investing public and other stakeholders of the commitment of the board to continue conducting its affairs within the stipulations of existing corporate governance codes for banks and public companies in
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