Bank PHB launches new product

Bankole Makinde, Abuja - 01.02.2008

Bank PHB has launched a new product which enables landlords in prime areas to enjoy an alternative cash facility from the bank, using their property as collateral.

The service is currently limited to property owners in Lagos, Abuja and Port Harcourt.Known as Bank PHB “House Owners Advantage,” the product is an innovative financial product through which property owners could borrow money against part of the value of their property.

Speaking recently on the product, the Managing Director/Chief Executive Officer of the bank, Mr. Francis Atuche, said with the product “every man’s home is his pot of gold.”

Atuche said Bank PHB was leading Nigerians “into another frontier of that promise of good life by bringing an innovative and ground breaking product.

“This product offers tremendous wealth creating opportunities for our customers as well as potential customers.

“Many Nigerian banks are making forays into the retail mortgage market having suddenly realised a fact we understood many years ago.

“For those who do not know, we were among the first to acquire licences as Primary Mortgage Institution when we set up Finacorp Building Society Limited. And as masters of the game, we have decided to chart a new course by introducing the Bank PHB House Owners Advantage.”