Royal Exchange to end recapitalisation by June


Royal Exchange Plc is to conclude its recapitalisation plan by June 30, the Group Managing Director, Wale Banmore, has said.

Banmore, who spoke at a press conference in Lagos, assured that the firm would conclude the recapitalisation before the December 31 deadline set by the National Insurance Commission (NAICOM).

He stated that the firm is in discussions with three investors, which include two foreigners, who might inject fresh funds in the general and life businesses of the group.

He said the firm was poised to play big post-recapitalisation role, noting that it is strong establishing structures that will support its operations in the future.

He said one of the initiatives to reposition the firm’s operations is the re-launch of its website and creation of five more for the subsidiaries as well as a new mobile site.

The company’s Group Executive Director, Operations, Mr. John Iwuajoku, explained that the new website was re-designed and that  its implementation of a  content management is suited for  the firm’s business needs.

It offers visitors to the site, comprehensive information on general insurance, life assurance, financing, and asset/wealth management information for individuals, families and business, which can be accessed anywhere.

He said: “It also boasts of conveniences, such as e-payment solutions, insurance quote request form, product features and benefits, access to our insurance procedures, investor relations, happenings within the Royal Exchange group and a live chat capability with the Call Centre operators for help on issues relating to the business.

“Our new website is designed with great customer experience at the bedrock. It takes convenience to another level by providing frictionless self-service features that empowers existing and new customer to purchase products without any manual intervention.  For us, this is indeed a step in the right direction.  The re-launch of our website represents a revitalised Royal Exchange Plc and by utilising the latest web technology, Royal Exchange Plc is poised for the future, with a greater online presence.

“The Royal Exchange website redesign was motivated by the need for online and offline brand consistency and Royal Exchange’s desire to develop a consumer-centric web presence. Before now, the company won the ‘Best Web Transaction Processing Website Award’, insurance category of the 2012 Web Jurist Award conducted by Phillips Consulting and came third in the same category the following year.”

He noted that the company, which started  in 1921, continues to be driven by innovation and a determination to offer exceptional services.

“Following the recapitalisation exercise in 2007, the company was reorganised into a group structure comprising Royal Exchange Plc as the holding company and five strategic subsidiaries namely Royal Exchange General Insurance Company Limited (Non-Life Insurance); Royal Exchange Prudential Life Plc (Life Assurance); Royal Exchange Healthcare Limited (HMO and Health Insurance); Royal Exchange Finance Company Limited (Financial Advisory); and Royal Exchange Microfinance Bank Limited (Banking),” he added.


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