Royal Exchange Appoints GMD-Designate

25th March, 2011

PRESS RELEASE

ROYAL EXCHANGE APPOINTS GMD-DESIGNATE

Foremost financial services provider, Royal Exchange Plc has announced the appointment of Mr. Chike Mokwunye as its new Group Managing Director-Designate, following the disengagement of Mr. Allan Walmsley whose tenure expires on April 14, 2011.

This indication was made known at the end of a meeting of the Board of Directors of the company in Lagos.

Extolling the virtues of Mr. Allan Walmsley, the Chairman of Royal Exchange Plc, Mr. Kenneth Odogwu, commended his “esteemed service and contributiuon towards the vision of the company”. On behalf of the entire Board, Mr. Odogwu expressed appreciation for the symbiotic relationship that Mr. Walmsley shared with the Board throughout his three-year tenure.

Mr. Chike Mokwunye, erstwhile Group Executive Director, Services, as the Group Managing Director-Designate is expected to work closely with Mr. Walmsley pending the final handing over of duties on 14th April, 2011.

A 1981 graduate of the Ahmadu Bello University, Zaria, Chike also has a Masters Degree in Banking and Finance from the University of Benin and has over 29 years post graduate experience in banking and insurance. He joined the company in 2006 and headed the Sales and marketing department before being seconded to Royal Exchange Finance in September 2007 as Managing Director. He was until his new appointment, Group Executive Director, Services.

For more information, please contact:

Corporate Affairs Department
Royal Exchange Plc

34/36 Oshodi-Apapa Expressway
Oshodi, Lagos
Phone: 01 7939432
Email: Austin.Agbareh@royalexchangeplc.com or
Wilson.Okoh-Esene@royalexchangeplc.com
Web:  www.royalexchangeplc.com