Bank restrategises, changes brand name

As part of measures to reinforce its national outlook and strategic focus in the post-COVID-19 period, a leading financial service provider, Omoluabi Mortgage Bank Plc, has rebranded its name to LivingTrust Mortgage Bank Plc.

The management arrived at the decision and subsequent approval at its sixth Annual General Meeting (AGM) on Thursday, held in Osogbo, Osun State capital.

The stakeholders meeting was held via online due to the need to comply with the COVID-19 protocols as prescribed by the health authorities.

One of the major decisions taken at the meeting was the approval granted by shareholders for the bank to change its name to LivingTrust Mortgage Bank Plc.

Shareholders at the event also voted to ratify the appointments of Messrs Adewole Adekunle as Managing Director, Oyewole Olowu as Executive Director, and Yemi Adefisan, Olufemi Adesina and Adeniran Adewole as Non-Executive Directors, while Mrs Fehintola Olatunde-Agbeja was elected an Independent Director of the bank.

Others elected were members of the statutory audit committee.

Addressing the shareholders, the bank’s Chairman, Alhaji Adebayo Jimoh, explained that the name change is in line with the bank’s short and mid-term strategic focus, to enhance brand visibility and acceptability, and also reinforce its national outlook.

In his address, the Managing Director thanked the shareholders for the confidence reposed on him and the new management team.

He stated that despite the economic headwinds and challenges of COVID -19, the bank is poised to delivering excellent customer experience, as well as superior returns to shareholders in the year 2020.

Also speaking at the event, the Group Chief Executive of CITI TRUST Holdings Plc, the bank’s core investors, Mr Yemi Adefisan, said that his group preferred to invest in Omoluabi Mortgage Bank, among others considered, due to the bank’s healthy balance sheet and strong corporate governance practices.

He expressed confidence in the ability of the management and board, led by Jimoh, a foremost technocrat, in taking the bank to the desired level of playing in the top five in the Mortgage Banking Industry in the next three years.

10 thoughts on “Bank restrategises, changes brand name

  1. If rebranding boosts revenue for the mortgage bank, they possess every right to rebrand

  2. Covid-19 has indeed affected a lots of sectors and I think it has also helped in viewing New ideas which is also a plus for

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