As part of its resolve to encourage exceptional performance in the bank, Spring Bank Plc has promoted 25 members of its staff.
The breakdown of the list of beneficiaries, who are from the grade of Management Trainee (MT) to Assistant Manager (AM), shows those promoted as one Deputy Manager (DM), three Assistant Managers (AMs), six Senior Banking Officers (SBOs), five Banking Officers (BOs) and 10 Assistant Banking Officers (ABOs).
The Group Managing Director/Chief Executive Officer of the bank, Mrs. Sola Ayodele, who said in statement that the promotion of the staff is an indication that the bank has greatly stabilized and now set on the path of profitability and growth, observed that the high performance of the beneficiaries have been consistent in the past six months and so deserved to be encouraged in spite of the great challenges in the industry.
Ayodele said that the promotion exercise was strictly based on merit and will serve as a motivation to others while helping to renew staff confidence in the bank.
She commended the staff of the bank for working assiduously with her administration, while encouraging them to work hard towards the recapitalization of the bank in order to ensure the optimum delivery of stakeholder value.
The Ayodele-led administration took over the management of the bank following the Central Bank of Nigeria (CBN) intervention in the banking industry late last year and has since made very positive impact on the bank.The new strategic direction put in place by the administration which focuses on effective liquidity management, loan recovery, operational efficiency and corporate governance as well as recapitalization has led to the stabilization of the bank and very modest performance.
The bank has been able to achieve over 65% improvement on the income of the bank during the period while increasing liquidity ratio to over 50%, thereby, doubling the required regulatory minimum of 25% for a bank. It has also recorded a steady growth of the deposit base since the takeover in October 2009.
