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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 CAPITALISATION: Banks must merge, Soludo insists By Emma Ujah Monday, September 20, 2004 ABUJA— CENTRAL Bank of Nigeria (CBN) Governor, Prof. Charles Soludo, has said that no bank is expected to go it   alone in the on-going financial sector reform, as, according to him, those that have met the minimum requirement or sure of   meeting it should acquire other banks to buoy their positions. This implies that banks like First Bank, Union Bank,  UBA, Zenith   Bank, GTB, STB that may have grossed the N25 billion capital base are required to acquire other smaller banks. First Bank is   making plans to acquire Lead Bank. Other banks in merger talks include Prudent Bank, Magnum Bank and Chartered Bank. Fidelity is also in merger talks. Already,   Intercontinental, Equity Bank, Global Bank, and Gateway Bank have announced their consolidation plan. Allstates Trust Bank,   Gulf Bank, Hallmark Bank and Lion Bank were the first to announce their consolidation plan. Others are still being awaited. Speaking at a retreat organised for managing directors and board members of banks on how to guarantee the successful   implementation of the on-going financial sector reforms in Abuja, weekend, Prof. Soludo said no bank was expected to stand   alone. His words: “It is gratifying to note that almost all banks have tried to reassure the public of their readiness and   commitment to the consolidation. There are also individual banks that are determined to meet the minimum capital requirement   alone; those seeking foreign investors; and those sourcing funds from the capital market to raise their capital base in order to   enhance their bargaining position in the consolidation arrangement. “The other groupings include those seeking to merge as is; those for acquisition; and those that do not belong to any of the   afore-mentioned groups."   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates © 1998- 2004. Vanguard Media Ltd.

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