Of late, I’ve been observing the recent trends by our banks after the consolidation exercise. Most banks have decided to open shops as registrars or issuing houses. What this translates to is; if you are an ordinary shareholder in XYZ bank, probably your share certificates and dividend warrants were being posted by GHY registrar.
Recently, I received my dividend warrant from Intercontinental Bank and was surprised to note that I was credited twice with different share unit bringing my total number of share units to 30,000. I decided to make a make a visit to Intercontinental Registrar to complain about this error. On arrival, I was informed by the customer service executive that the mistake did not occur from the bank rather it was the fault of Wema Registrar, who were obviously miffed about losing a client that they decided to mess up the books. (How plausible does this seem?)
The point I’m trying to make here is that if every bank decides to establish its’ own registrar house, coupled with the fact that banking stocks are the most attractive and lucrative on the stock market, isn’t that a bit crazy. Will they be vying for each other’s account or vying for clients in other sectors such as agriculture, food, beverages and tobacco, insurance and so on. These are some of the questions running through my mind.
As at the time of writing this article, UBA, WEMA, Intercontinental, GTB, First Bank. UBN, Zenith Bank, IBTC, Oceanic are some of the banks that have established their respective registrar outfits.