Parallex Bank’s managing director receives CIBN’s honorary fellowship

Parallex Bank’s managing director, Olufemi Bakre, has been conferred with the honorary fellowship of the Chartered Institute of Bankers of Nigeria (CIBN).

The honorary fellowship of the Chartered Institute of Bankers of Nigeria (CIBN) is the highest cadre of membership of the Institute.

According to the registrar and chief executive officer of CIBN, Seye Awojobi, the governing council of CIBN approved Bakre’s election as an honorary fellow of the Institute, having been found worthy of such honor.

“Bakre’s elevation alongside twenty-one others acknowledges his roles and invaluable contributions to the Institute, the banking industry, and the Nigerian economy at large as the managing director and chief executive officer of Parallex Bank,” Awojobi said.

Awojobi also noted that Bakre is a worthy member of the body of bank CEOs, a member of the strategy and advocacy committee of CIBN from the year 2020 till date, an honorary senior member of the Institute, and a staunch supporter of the United Kingdom’s branch of the CIBN and played a strategic role in the survival of the branch at its infant stage.

Bakre, who was elated with the honor, described it as inspiring and motivating and expressed gratitude to the governing council of CIBN for considering him worthy of the honor.

“CIBN, as a formidable and globally recognized institution, is making a significant contribution to the banking industry and the world economy. He promised to continue to do his best to contribute to the Institute, the banking industry, and the community at large as a Fellow of the Institute,” Bakre said.

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Bakre, a consummate banking professional, commenced his banking career at MBC International Bank (formerly Merchant Banking Corporation), where he rose to the position of General Manager. After the acquisition of MBC by First Bank in 2006, he became the Group Head, Multilateral, Financial Institutions and Global Custody. He initiated and delivered the First Bank of China Representative Office, amongst other award-winning achievements.

Olufemi later joined First City Monument Bank in 2011 as the Executive Director in charge of Institutional Banking (Public Sector, Financial Institutions & Multilateral Business), where he was responsible for business development and building a resilient institutional banking business across Nigeria.

In 2013, he was appointed executive director of Lagos and Southwest regions, where he provided strategic business leadership and direction across a bank network of over one hundred branches.

Bakre was appointed as the executive director of corporate & institutional banking in the United Kingdom and Nigeria in 2015, a position he held until March 2020, when he was named the first Managing Director of Parallex Bank.