Databank has disassociated itself from INVEST-XD – a website it alleges has been using its name to do business with the investing public.

In a statement copied to the B&FT, the company said: “Our attention has been drawn to a website called INVEST-XD with which Databank is alleged to have a partnership.

“Databank disassociates itself from INVEST-XD and the website. We would like to caution the public to be circumspect when dealing with this company, as Databank will not be held liable for any losses that may occur by virtue of any investments made through this company,” it added.

The company explained that the said website has been encouraging the general public to invest in a number of products, including its MFund product. It also said the alleged website claims that the financial institutions listed on the website, including Databank, pay INVEST-XD a finder’s fee.

It therefore urged customers and the general public to desist from dealing with the said website under its name, adding: “Kindly be advised that Databank is not in partnership with this INVEST-XD company, and is not aware of any agreement whereby Databank pays INVEST-XD any commission.

“Likewise, there are no representatives of INVEST-XD employed by or on behalf of Databank,” the statement signed by Databank’s Group Chief Marketing Officer, Gillian Hammah, further stated.

It said through its asset management wing, investors can access mutual funds such as Epack, MFund, BFund, ArkFund and EdIFund, institutional fund management for corporates, benefit and endowment funds, pension fund management and private wealth management services from any of Databank’s 19 locations across eight regions in the country.

Additionally, it noted that clients can choose to top-up their Databank mutual fund investments through any of the following partner bank branches: Access Bank, Barclays Bank, Fidelity Bank, GCB Bank, GTBank, UBA, Zenith Bank.