Enterprise Bank unveils agenda forretail banking, expansion

THE management of Enterprise Bank Limited has unfolded agendaaimed at playing prominent role in the retail segment of the Nigerian banking system.Managing Director and Chief Executive Officer of the bank, Mr. Ahmed Kuru, explained that the decision to 'capture the retail segment of the market', was in line with the financial institution's desire to be a medium size bank.He explained that the bank's 153-branch network located across the country, would play a significant role in its quest to be a dominant force in the retail banking segment. A press statement quoted Kuru as saying: ''Really, if you talk about scale, you talk about balance sheet size. The balance sheet size does not necessarily mean you are the most efficient and profitable bank.'So, what we intend to do is to leverage on efficiency; but we have the scale. ''Everybody in this industry today will tell you that the future is retail business. But retail doesn't bring money today, it is a long haul.''Every bank will tell you they want to be retail banks. But if you look at the dimension of their balance sheet, you will see that retail does not contribute five or ten per cent of the bottom-line.'But for us to be able to reach the bankable level we are talking about, we have to push the retail banking; but ultimately, the commercial beat of it is also very critical and that is the area that all of us are now playing; because that is the area that gives you quick returns and makes it easy for you to cover the whole spectrum of the market segment.''According to the Enterprise Bank boss, the Central Bank of Nigeria's (CBN) 'cash-lite' policy would also be used to achieve the target of dominating the retail segment of the bank, adding that the bank had deployed cutting edge and efficient infrastructure to ensure effective implementation of the policy which kicks-off in Lagos next month.He stressed that the move would help the commercial bank compete effectively in the industry. ''As a bank, you must be focused on what segment of the market you want to go in. Every bank in Nigeria; besides those that are playing the investment banking side will tell you that the retail business is what they are targeting; and that informs the recent acquisitions and mergers that we have seen. ''Also, the 'cash-lite' programme that is going on now is all targeted towards retail; because they want to capture most of those people that are not in the banking arena to now come into it without necessarily coming into the banking halls by using the buildings, those are the channels that are necessary
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