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Jaiz Bank to establish 3 more branches – MD

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Rayyan Alhassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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The Managing Director of the Jaiz Bank Plc., Hassan Usman, has disclosed that the bank has secured permission to establish three more branches across the country.

Mr Usman, who made the disclosure while addressing newsmen on Sunday in Abuja, said the new branches would be an addition to the already existing 41 branches across the country.

Although he did not disclose the locations these banks would be sited, Mr Usman said the decision to establish additional outlets was born out of the bank’s commitment to serving its customers better.

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Speaking on the alleged rift in the Board of Directors over the planned appointment of a new Managing Director of the bank, Mr Usman said there was no rift other than the “legitimate exercise of divergent opinions on a matter in the ordinary course of the Director’s duties”.

The MD recalled that, at one of the Board’s sittings, some Directors had opined that a change of leadership was required to pursue some critical strategic goals while others believed otherwise, “given the very impressive performance of the current Management”.

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While noting that the Board went on to appoint a new successor in the person of Muhammad Shaheed Khan, Mr Usman, however, disclosed that the Board later rescinded on its decision at a subsequent meeting.

According to him, “the Board’s resolution to rescind its decision and subsequently discontinue the appointment process was in line with the terms and conditions of the offer letter issued to Mr Khan, since the offer was subject to relevant regulatory approvals.

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“Incidentally,  the approval obtained from the relevant regulator materially modified the intention of the Board as expressed in the conditional offer to Mr Khan, necessitating the Board’s decision to discontinue the process of his appointment,” the MD added.

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Mr Usman, therefore, assured its customers, shareholders and investing public that the Board remained committed to conducting its affairs within the stipulations of existing Corporate Governance Codes.

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