http://www.mutualalliancebank.com

About us

Mutual Alliance Savings & Loans Limited was incorporated on 20th August, 1992 as Quality Homes Savings & Loans Limited with a paid-up capital of N10 million. In 2001 the company was taken over by strategic investors who reorganized and re-engineered bank and then changed the name to Mutual Alliance Savings & Loans Limited with a fully paid-up share Capital of N100 million. Presently Mutual Alliance Savings & Loans Ltd has a fully paid up share capital of N200 million.

Mutual Alliance Savings & Loans Limited is the flagship of the Mutual Alliance Group and has over 10 branches/cash centers nationwide in Nigeria. The bank is fully computerized and has a Board of Directors and Management team made up of well-tested professionals with broad and deep experience in retail, investment and mortgage banking. The bank has its Head Office at Uyo, Akwa Ibom State, Nigeria. The bank has three subsidiaries namely Mutual Alliance Real Estate Ltd, De Petraco Leasing Company Ltd and Mutual Alliance Bureau De Change Ltd.

Mutual Alliance Real Estate Ltd

This company carries out development of commercial and residential housing, facility management and buying & selling of real estate/land holdings. The company presently has land holdings in its portfolio in excess of N100million and manages some choice facilities.

Mutual Alliance Bureau De Change (Proposed)

This company will be responsible for foreign exchange transactions and will leverage of the existing customer base of Mutual Alliance Savings & Loans Ltd. Application for license has already been submitted to the Central Bank of Nigeria and we expect to commence business in June 2008.

De Petraco leasing Co Ltd

This company was incorporated in 1993 as a leasing company in the business of financing heavy equipment, vehicles, generators, speedboats etc, the company also provides operating leases for its clients, Mutual Alliance Savings & Loans Ltd made a strategic investment as core investor into the company in 2008 and re-engineered it to act as a vehicle for its leasing transactions.

In order to further strengthen the bank and consolidate its leadership position in the mortgage banking industry, the shareholders approved the increase of the paid-up share Capital to N400 million through the issuance of new shares via rights issues and private placement.