Abuja — The Managing Director of Bank PHB Plc, Mr Cyril Chukwumah, has assured Shareholders that management plans to recapitalise the bank will not diminish the value of their investments.

Chukwumah, who spoke at the bank's shareholders interactive forum in Lagos at weekend said, what is uppermost to the board and management is to eliminate the negative shareholders' fund, which stands at N187 billion as at June, 30th, 2010. He stated that until the bank's impaired assets are removed, the pace of recovery would continue to be slow.

He however assured that with the coming on stream of the Assets Management Company of Nigeria (AMCON) which is expected to acquire the bank's non-performing loans or substantial part of it, the dark days are over for the bank.

Chukwumah, who shared the same sentiments of shareholders that the identity of the bank be preserved stated that his focus was how to ensure that investors have reasonable value for their investments at the end of the exercise..

On Spring Bank, Chukwumah, said Bank PHB's investment in the entity was strategic to the revival of the bank. He revealed that the management is discussing with Central Bank of Nigeria, adding, "we expect much value from the ownership of the bank."

The forum, which was attended by strategic shareholders, leaders of shareholders associations and key board members, including the Chairman, Abdul-Lateef Kolawole Abiola and Vice-Chairman, Professor Pat Utomi, was implored by stakeholders to explore ways of recapitalising the bank.

In his remarks, Abiola said the forum was convened as part of ongoing consultations with stakeholders on how to reposition the bank, adding that decisions have been taken in the interest of the bank.

He said efforts were on to restore the bank as a viable going concern, stating that all hands must be on deck to actualise the dream.

The chairman urged stakeholders to be generous with their ideas, saying, all contributions are valuable and would be taken into consideration in decision making. He said steps are being taken to recapitalise the bank in a way that preserves the most value possible for the shareholders.