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Agusto & Co. assigns a “Bbb-” rating to Wema Bank plc

Rating Release

Agusto & Co. assigns a “Bbb-” rating to Wema Bank plc

The rating expires on 30 June 2020.

The rating assigned to Wema Bank Plc (‘Wema Bank’ or ‘the Bank’) is underpinned by good capitalisation, satisfactory liquidity, improving profitability and experienced management team with clear succession plan. The rating is however constrained by concentration in the loan book, high funding costs, low market share and the fragile state of the Nigerian economy.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.