Parallex Bank Limited has successfully met and exceeded the ₦50 billion minimum capital requirement set for regional commercial banks by the Central Bank of Nigeria, marking a significant milestone in the bank’s growth and positioning it for expanded operations.
The bank announced that the recapitalisation strengthens its financial base and reinforces its status as a resilient and forward-looking institution within Nigeria’s evolving banking sector. The development places Parallex Bank among the financial institutions that have complied with the apex bank’s directive aimed at strengthening the capital base of deposit money banks.
The recapitalisation programme introduced by the Central Bank of Nigeria is designed to enhance the stability of the financial system, improve the capacity of banks to withstand economic shocks, and enable the sector to play a stronger role in supporting national economic growth.
Speaking on the achievement, the Managing Director of Parallex Bank Limited, Olufemi Bakre, said the milestone reflects the bank’s commitment to excellence and sustainable performance.
According to him, the strengthened capital base will allow the bank to expand its lending capacity, deepen financial inclusion, and continue delivering innovative and customer-focused financial solutions across various sectors of the economy.
Bakre also commended the bank’s stakeholders, particularly the Board of Directors, for their strategic guidance and support, which he said were instrumental in meeting the recapitalisation requirement within the stipulated timeframe. He noted that the board’s commitment to strong governance and long-term value creation helped drive disciplined capital planning and effective execution across the institution.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
