Sunday, March 6, 2011

MERGER CONCLUDED BY TWO BANKS


The Governor of CBN quoted by Reuters in London as saying two banks have concluded for a merger or acquisition. The names of the banks could not be disclosed because they are awaiting decisions of Security Exchange Commission (SEC) . The two banks were bailed out in 2009. He also said four more banks are on their way. The transaction is also part of CBN effort to revamp the banking sector after near collapse following debt crisis after previously firing eight bank Chiefs of the country's 24 banks and pumping $4billion into the ailing banks. Let us hope the transformation goes further to other sectors of the economy.

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