Nigeria: Abbey, VFD Group Partner to Create Value for Stakeholders

27 February 2020

Abbey Mortgage Bank Plc assured stakeholders that it would leverage VFD Group Plc's innovative and aggressive drive to enhance shareholders' value and boost profitability in the years to come. VFD Group Plc recently acquired 35 per cent stake in Abbey Mortgage Bank Plc.

Speaking to stockbrokers at the Nigerian Stock Exchange (NSE) in Lagos,

the Managing Director of Abbey Mortgage Bank Plc, Mrs. Rose Okwechime said both firms had entered into a strategic partnership that would make them play major roles in the financial service industry and ultimately boost shareholders' returns on investment.

" I am pleased to inform you that the strategic partnership which Abbey Mortgage Bank Pls have nurtured has resulted to VFD Group Plc, acquiring 35 per cent stake in Abbey Mortgage Bank Plc. The new investments will enable the two groups form a strategy that would propel us to play major roles in the financial services industry. Abbey's stable, longstanding business ethics and customer centric culture will blend and grow with VFD's innovative and aggressive drive to create superior value," she said.

She said the synergy would transform the firm into becoming a major player in the market, contribute to economic growth and deliver good returns to shareholders.

The Group Managing Director and Chief Executive Officer of VFD Group Plc. Nonso Okpala, had last month said the investment in Abbey Mortgage Bank Plc presents opportunity for quick wins across board.

" Beyond the new client base and geographic reach this investment presents us, it is strategic towards driving the value chain and upselling of our real estate business. While we continue to seek out viable investment in diverse sectors, this investment further enhances our ability to ring-fence financial service offerings and make VFD Group and its subsidiaries a "one-stop shop" for varying customer needs," Okpala said.

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