Directive 98 79

Wema Bank settles for management buy-out for subsidiaries

Wema Bank Plc may have settled for management buy-out option in disposing of its subsidiaries in line with the directive by the Central Bank of Nigeria (CBN). Group managing director, Segun Oloketuyi said the board would not discriminate in its exit strategy so long as it guarantees maximum returns to the shareholders.

Addressing shareholders at the bank's 22nd annual general meeting held in Lagos at the weekend, the bank's chief executive said the board would consider the most profitable option. "If we really want to create value for Wema Bank, we should care less about how we sell but more about the value we get at the end of the day. If the current management of the subsidiaries is offering more than we are getting from outside, we will opt for management buy-out because it is about getting value for shareholders," Mr Oloketuyi said.

The bank's subsidiaries include: Great Nigerian Insurance, Wema Capital, Wema Insurance Brokers, Wema Savings and Homes, Wema Registrars, Wise Properties, Wema Financial and Securities, and Wema Ventures.

The CBN in November 2010 cancelled the universal banking model and compelled banks to adopt a new banking model. While some banks settled for the holding structure, some banks opted for the regional, national and international banking model. Wema Bank decided to operate a regional banking model. He said it would not make any economic sense for the bank to adopt a holding structure like some others. "If we are a holding coy, and keep the subsidiaries, what value are they adding? The contribution of these subsidiaries put together is not up to 10 percent. The problem we had in the banking industry in the past is what we call the ‘me too' syndrome. First bank is doing it so Wema Bank must do it, whether we have the capacity to do it or not, we don't know. We have no value in the subsidiaries that we have."

New dispensation

According to the CEO, the bank would maintain its operations in the South west and South south, which currently accounts for about 90 percent of its operations, adding that about 17 branches will go in order to operate under its new dispensation.

"98 percent of our deposits are from Abuja, Lagos, the South west and South south, 87 percent of our branch network are also in these areas , 97 percent of our loans are also from these areas. Today, we can close our eyes and shut down 17 loss making branches in the South east and the North." Wema Bank achieved a gross earning of N21.79 billion for the year ended December 2010, compared to N16.272 billion in the comparable period of 2009.Profit before tax stood at N17.458 billion compared to a loss N3.309 billion. Profit after tax stood at N13.141 billion, compared top a loss after tax of 2.094 billion.

Bruker MALDI Biotyper solution :: LabOnline

Bruker has announced the successful completion of an integrated workflow using the company’s MALDI Biotyper for microbial identification (ID) from cultures and the BD Phoenix system for antibiotic susceptibility testing (AST). The ID and AST systems are integrated via the BD EpiCenter data management system.

The seamless workflow integration has been validated at a number of pilot sites in Europe and in the US, including public and private laboratories such as Dynacare (Milwaukee, Wisconsin), Klinikum Bayreuth (Germany), Synlab Weiden (Germany), Synlab Augsburg (Germany) and the Vatican Hospital (Rome, Italy).

The integrated workflow begins with ordering the MALDI Biotyper ID and BD Phoenix AST using the customer’s laboratory information system (LIS). The order is automatically transferred to the BD EpiCenter middleware and can be used for work-list management. Barcode labels containing the laboratory accession and isolate number can be automatically printed for the BD Phoenix and MALDI Biotyper samples. The sample location on the MALDI Biotyper plate is mapped using a preprinted template and BD EpiCenter barcode labels. The barcodes are scanned into the MALDI Biotyper software for accurate specimen tracking. The AST and ID samples are then each processed according to their respective protocols.

Upon completion of the microbial ID, the MALDI Biotyper results and confidence values are automatically transferred to BD EpiCenter over a network interface and the ID is matched to the AST results produced by BD Phoenix. All results are analysed by the BD Xpert system for quality assurance and alerting. Completed results are reviewed and released for review by the clinicians and subsequently to the LIS.

Bruker is also working with BD Diagnostics on an integrated blood culture workflow, using the BD BACTEC blood culture system, the Bruker MALDI SepsiTyper Kit for sample preparation directly from positive BD blood culture bottles prior to rapid MALDI Biotyper ID.

The Bruker MALDI Biotyper solution enables molecular identification, taxonomical classification or dereplication of microorganisms like bacteria, yeasts and fungi. Classification and identification of microorganisms is achieved reliably and quickly using proteomic fingerprinting by high-throughput MALDI-TOF mass spectrometry. Applications include clinical routine microbial identification, environmental and pharmaceutical analysis, taxonomical research, food and consumer product processing and quality control, as well as marine microbiology.

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