By Eyo Nsima

Wema Bank Plc, a leading commercial bank, has concluded plans to acquire a fintech firm or a merger with another commercial bank.

Moruf Oseni, the bank’s deputy managing director, said, Friday, in Lagos during the company’s half-year 2021 investors/analysts presentation, that this was targeted at bringing about growth.

He said: “In organic growth, there is the possibility of a combination; either you merge or you acquire, and this acquisition is not limited to acquiring another financial player in this space or a fintech,” NAN quoted Oseni as saying.

“We are looking at all possible options, whether you like it or not, no matter how efficient you are.

“In this game, we are playing skill to skill, and we also have huge aspirations to scale up in the shortest possible time.”

He also said that Wema Bank’s plan to sell shares to existing shareholders to raise additional capital of N40 billion by September.

“The rights issuance is expected to hit the market in September, this month of August is for us to have a court-ordered meeting to get shareholders together and agree on the scheme of the arrangement.

“Wema Bank today has a large number of shares in issuance, but before we float the right issue, we need to get the shareholders to reduce the shares in issue, and on the back of that we then issue those rights.

“This will not change the shareholding structure of the shareholders.

“We just want to manage the number of shares in issue, and that will impact on our ratios. It makes sense to have more efficient shares in issue before doing the