Nigeria: Equitorial Trust Bank partners Nigerian Breweries

Equitorial Trust Bank Limited has renewed its commitment to support the economic growth of the country through partnership with all sectors of the economy just as it puts in place a dealer finance scheme of N2 billion for the benefit of Nigerian Breweries distributors nationwide, Vanguard posted on April 6.

The bank has also concluded plans to increase its capital base to N30 billion and increase its branch network from 70 to 110 within the next six months. The Managing Director, Mr. Ike Oraekwuotu, stated this in a paper titled "Building a Strong and Rewarding Partnership Between ETB and Dealers of Nigerian Breweries" which he delivered on the occasion of Nigerian Breweries Customer Awards Ceremony held at the weekend in Port Harcourt, Rivers State, co-sponsored by the bank.

Oraekwuotu assured the distributors that the bank will continue to review downward, the current interest rate charged by the bank but based on the volume of transaction recorded, credibility and integrity. In his welcome speech, the Managing Director and Chief Executive of Nigerian Breweries Plc, Mr. Festus Odimegwu, testified to the financial capabilities of ETB and enjoined the dealers to do business with the bank. He explained that the reason for the choice of ETB, by Nigerian Breweries Plc, in organizing the event, was informed by the bank's outstanding performance in the provision of a credible platform for financing dealership and its quick-response time.

Affirming this strength, the ETB boss said dealership financing is one of the bank's core strengths. "Based on our track record of over 16 years of uninterrupted superior customer service to our customers, we have acquired peculiar experiences in the area of Distributorship Finance Schemes of major blue-chip companies.

"We have schemes for companies in the Food, Beverage and tobacco sector, Construction, Telecoms and Oil and Gas where we work with the companies to finance their key dealers on the purchase of their products thereby minimizing inventory and stock levels of these major companies," he said.

He noted that ETB is particularly prominent in the areas of public sector financing, commodity financing and on lending, partnering in this regard with organizations like African Development Bank (ADB), US Export Import Bank, Bank of Industry (Nigeria) and African Export Import Bank. In addition, Oraekwuotu said ETB also has foreign currency lines from leading banks such as Citibank, HSBC, BNP Paribas which has further enhanced its capacity to support International Trade Transactions. As a financial institution of repute, the ETB boss said the bank would establish a relationship with the dealers to build the required trust, not just because trust is its middle name, but also because banking itself is about trust. It will also nurture the relationship and develop a mutual trust and provide the platform to grow their business beyond imagination.

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