This Bank was relicensed in December 2012, and opened March 4, 2013 as a specialized regional bank recalibrated for technology-driven efficiencies, service relationships and results. The Bank is a clean, liquid, well capitalized bank fully endorsed by the Central Bank of Nigeria.

The team, in its initial ten months of operation, has achieved the following:
– Positive operating income before depreciation
– Strong organic growth since launch: Deposits up 300%, Total Assets up 308%, Loan advances from N0 to N25.4billion.

The Bank is poised to execute an IPO as soon as possible and not later than 3 years.

Bank Overview:
– Licensed by CBN on the 27th of December 2012
– Financials: Total Assets of 98bn. Total Deposits of 72.6bn. Total Liabilities of 78.5bn. Shareholder funds of 19.4bn. Gross Earnings of 5.6bn. Profit before Tax of (2.5bn).
– Number of accounts grew by 2215% from 480 accounts at inception to 11,114 to date.
– 500+ employees.
– The BANK has presence in 9 locations across 2 southern zones with plans to deploy another 21 before the end of 2014. In addition to these locations it intends to increase its market reach through the set up of Agent locations in other zones inside Nigeria.
– Eight Experience Centers to date with 13 at various stages of construction; 50 ATMs; 144 POS’s.
– Advisors: Horwath Dafinone, Deloitte, KPMG, MPP Africa, Securities & Capital Management Company, and White & Case.

Proposed Transaction:
– Currently, the BANK is seeking to raise equity capital of N10billion (~$60mn) to accelerate asset growth.
– In parallel with this capital raise, the BANK proposes to raise additional US$100million as Convertible Notes in the International Capital Market to accelerate growth, competitiveness and value creation for its investors.
– This local capital raise is a combination of Rights Issue and Offer for Subscription via Private Placement.
– Rights Issue of 1,389,473,684 ordinary Shares of N1 each at N1.90 per share
– Offer for Subscription of 3,200,000,000 ordinary shares of N1 each at N2.30 per share
– The proceeds from these capital raise activities will be utilized for the following:
 To accelerate asset growth
 To increase working capital for day to day operations of the bank
 To make selective investments

Contact Information:
Phoenicia Capital Advisory
Paul Kazarian, CFA
T: +961 71 509 506
E: [email protected]
www.phoeniciacapital.com
Skype ID: paulkazarian