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...For a better society... Monday, October 18 2004 Vol 17 No.30 News Editorial Opinion Labour Politics Sports Features Columnists Business Money/Market Energy Alaba Market Foreign News View Prudentbank, 4 others merge •Sign MoU today KENNETH MADUEKE PRUDENTbank and four other banks will today formalise their intention to merge through the signing of a Memorandum of Understanding (MoU) in Lagos, a development designed to keep the parties relevant in the current banking reforms. Daily Champion confirmed that the other banks in this merger talks are Magnum Trust Bank Plc, NBM Bank Nigeria Limited, EIB International Bank Plc and Trust Bank of Africa Limited. According to competent sources, the MoU between Prudentbank and the others is expected to be signed at Abora Hall, Eko Hotel & Suites, Victoria Island, Lagos by 11.00 a.m. By this development, Nigeria will witness, in the next four months, 17 banks fusing to make up four mega banks in keeping with the CBN directive on July 6, 2004, to banks to consolidate and take advantage of globalisation. Daily Champion recalls that the first consortium of five banks called First Consolidated Bank of Nigeria (FCBN) is made up of Allstates Trust Bank Plc, Gulf Bank Plc, Hallmark Bank Plc, Universal Trust Bank Plc and Lion Bank Plc. The second consortium of four banks consisted of Intercontinental Bank Plc, Equity Bank Nigeria Limited, Global Bank Plc and Gateway Bank Plc. The third consortium of banks, now known as Astrabank, comprises of four banks, Guardian Express Bank Plc, Assurance Bank of Nigeria Limited, First Atlantic Bank Plc and Mannybank Plc, signed an MoU last week. Meanwhile, Guaranty Trust Bank (GTB) Plc, last week signed agreemenet with Inland Bank Plc for outright acquisition, even as it also eyes doing same to Habib Bank of Nigeria Limited. � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

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