Economic Confidential, March 2008

MONETARY

Oceanic Bank targets Middle-Class with products

Chief Executive of Oceanic Bank International Plc, Dr. (Mrs.) Cecilia Ibru has assured that Oceanic Bank would work effectively with the Federal Government (FG) to create a middle-class society, with a view to properly developing the country.

Speaking with selected finance journalists, Ibru said: “If you look at anywhere in the world, any successful country puts into consideration the middle class, and the middle-class is  an area that you can pay attention to in order to grow. The middle-class (person) is somebody who is reasonably omfortable. When the middle-class becomes big, it would drive the nation and the sooner we keyed into the concept, the better, as it would enable Nigeria to actualize the potential that we have all over us.”

She said the bank, currently in partnership with some state governments on the Public Private Sector Participation Scheme would also work assiduously towards ameliorating the poverty level in the country. This, she said would be done through  effective funding of the real sector and the bank’s many poverty alleviation scheme.

She also revealed that the bank has come out with many products that are specifically tailored towards re-creating the middle class in the country. Noting that the bank has ventured into giving mortgage facilities, she said, Oceanic Bank Home Ownership Scheme is a product specially designed for customers to purchase homes of their own at very attractive interest rates with flexible repayment terms. The scheme, according to her, comes with excellent features and offers attractive interest rates.

Commenting on other products, she said the bank’s Auto Loan is a facility product designed to enable customers acquire various brand of new and fairly used vehicles with the option of spreading payment over a period of time. Customer will only have to contribute a portion of the cost of the item(s) while the bank will finance the remaining balance on the total cost of the item.

“Assets that can be financed using Oceanic Auto Loan include all vehicles brands for personal use only; this includes brand new cars and fairly used cars”

Also on the re-creation of middle class, she said the bank’s Wealth Creation Scheme is highly essential. “This is a consumer finance product designed to enable customers finance in part the acquisition of shares of reputable companies quoted in the Nigerian Stock Exchange either through a public offer or on the floor of the stock exchange. It is designed to allow all interested customers benefit from the financial opportunities that exist in the stock market.”

Other products include, Household Appliances Finance, which enables customers acquire various brand new personal and household appliances with contributing only a small percentage cost of the item(s) while the bank finances the balance on the total cost of the asset at the time of purchase. The customer is allowed to repay this portion over a convenient period of time usually up to a maximum of 24 months.

Other products that are targeted at re-creating the middle class include: Oceanic Home Equity Loans: This is facility product enables a property owner to access funds from the Bank using his property as collateral. The maximum amount that can be accessed using this facility is 70 per cent of the valuation cost of the property.

Oceanic Pay Advance Salary Scheme (PASS): The award-winning Oceanic Bank Pay Advance Salary Scheme otherwise called “ Oceanic PASS ” is a product designed to render financial assistance to Salary earners.

Oceanic NEST Domiciliary Account: Oceanic Nest Domiciliary Account is a variant domiciliary account, which allows the operation of the account as a regular Domiciliary account but also enables customer earn interest on his account at the end of the month. This product is designed for High Net worth customers and those that earn their salary in foreign currency