BNW

B N W: Biafra Nigeria World News

N25bn: Five banks merge today From Bright Ewulu, in Lagos Another group of five banks, namely Prudent, Magnum Trust, EIB International NBM Bank and Trust Bank are set to merge and would be signing a memorandum of understanding (MOU) today in Lagos. According to sources close to the banks each of them are expected to come up with N5 billion in order to meet up with Central Bank of Nigeria (CBN) mandate of N25 billion minimum capital base for banks. Three banks in the group namely, Prudent, Magnum and NBM Bank are the three top banks in the merger arrangement where the shareholders fund, assets branch networks and nitch market is considered. Already, Prudent has a capital base well over N5 billion and has around 31 branches, while Magnum Bank had a capital base of N2.3 billion and a branch network of 28. The involvement of NBM Bank is, however, strategic owing to the fact that the bank is owned by the fortis group rated by analyst as the fourth largest bank in Europe and with one of the richest and widest networks across the African continent. The remaining banks in the group are, EIB International which has great presence in the Lagos area with three branches located in the Northern parts and 25 branches nationwide. Trust Bank which informed sources said is being run by the Citibank group, known as the largest bank in the group with capital market presence and some departments in the retail banking sector, the source said would allow the emerging mega bank top the resources and experience that Citibank has on offer.     TO NEXT NEWS PAGE...

	BNW News
Voice of Biafra | Biafra World | Biafra Online | Biafra Web | MASSOB | Biafra Forum | BLM | Biafra Consortium
	© 2001 BNW BiafraNigeriaWorld  Privacy Policy ---------------------------------------------------------------------------------- Powered by ACENetwork ----------------------------------------------------------------------------------
	Axiom PSI Yam Festival Series, Iri Ji Nd'Igbo the Kola-Nut Series,Nigeria Masterweb