Central Bank declares Springbank distressed

1 Comment » June 11th, 2007 posted by // Categories: Favorite Articles



SPRING BANK DISTRESSED: THE first shock of the consolidation of banks is here, a year and half after the exercise that was widely hailed as the magic pill for distress in the all-important sector. The Central Bank of Nigeria (CBN) has tactically declared Springbank Plc insolvent. The apex bank, which is believed to be deeply involved in the crises that seem to have brought the bank to its knees, made a belated move last Tuesday to save the situation, but there were no signs yesterday that it was successful. Springbank is the product of the 2005 merger of Omegabank Plc, ACB International Bank Plc, Citizens International Bank Plc, Guardian Express Bank Plc and Trans International Bank Plc.

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One Response to “Central Bank declares Springbank distressed”

  1. Dominic says:

    I would hope more distressed backs are not on the way. The only rationale for consolidation is to tidy up the financial system and place it in a position where it can be easily acquired and controlled by foreign financial interests, for peanuts, no less. That’s a most dangerous development, of course. If the government knew what they were doing, they ought to make a strong regulation prohibiting that kind of thing instead of allowing neo-liberal puppets to sell the nation out.

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