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.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates  Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   COVER STORIES 25 mega banks may emerge from on-going consolidation By Omoh Gabriel, Business Editor Monday, November 01, 2004 Twenty five mega banks may emerge from the current consolidation in the banking industry. The pruning down of the number of   banks in the country from 89 to 25 is being effected by the N25 billion minimum capitalisation requirement of the Central Bank   of Nigeria (CBN). The emerging picture so far showed that 13 mega banks are already on if all went well with the current merger arrangement   being put together by banks. The eight banks that are likely to retain their names and the five mergers group that have emerged   so far translate to 13 mega banks. This effectively takes 29 banks out of the pool of existing banks in the CBN register of banks in the country that have scaled the   N25 billion minimum capital base hurdle. This leaves 60 other banks that are yet to announce their plans. If the remaining banks   decide to pair five each, though few of the banks are working hard to go solo or acquire weaker ones, this will bring about   another 12 mega banks. This means that it may be possible that by December, 2005, 25 banks will emerge from Professor Soludo’s merger game. So far the road is rough for some who have not been able to find a merging partner. Such banks are frantically running from one   bank to the other with merger proposals. Some have applied to stronger banks for acquisition and non is looking their way just   yet.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates © 1998- 2004. Vanguard Media Ltd.

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