Posted by ThisDay Online on
List of The 24 Banks that Will Shape Nigeria
1. UBA: The bank which emerged after the fusion of former United Bank for Africa and former Standard Trust Bank is already there. With over 400 branches spread across the country, it wants to be a neighbourhood bank in Nigeria as well as in the African region.
2. First Bank: First Bank is planning to acquire some smaller banks as well as extend its boundaries beyond Nigeria. Its deal with Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Nigeria Plc, with a view to consolidating with the group, would enable it capture the West African markets. However, ETI is said to be ready to inject funds into Ecobank Nigeria to meet the N25 billion new capitalization mark.
3. Union Bank: Union has accepted in principle to take some small banks along with it. Already, Union Bank, Broad Bank, UTB, Hallmark have filed an application to the CBN for approval in principle of their merger arrangements.
4. Zenith Bank: Zenith is going it alone while also scouting for any smaller ones that may add value to its brand and operations but most importantly, fit into its business plans and philosophy.
5. Guaranty Trust Bank: GTBank was one of the few banks that never had problems with the CBN threshold. With subsidiaries in some West African countries, it is realigning to battle the region with others.
6. Intercontinental Bank: The Intercontinental Group is now operating as a single entity. The bank has therefore become the second consolidated bank in the country after the UBA and with the largest shareholders' fund.
7. Standard Chartered: With a new investment of about $200 million, the bank is set for recapitalisation. The new financial position of the bank is expected to be announced soon as it would submit to the CBN for approval its financials which is presently going through audit.
8. Oceanic Bank: After the completion of the verification of capital exercise by the CBN, the bank now has about N26.5 billion as shareholders' fund has acquired two banks. Significant growth in shareholders' fund is expected from its recently concluded 2005 financial year.
9. Access Bank Plc: The bank last week emerged the third consolidated bank with a combined capital base of N28 billion.
10. Afribank Group: Having concluded due diligence on Afribank International (Merchant Bankers) Limited, Trade Bank Plc and NNB International Bank, Afribank Nigeria Plc has applied to the Central Bank of Nigeria (CBN) for approval in principle on the three banks. Also, Afribank has begun the initial valuation on the three banks to determine the share exchange ratio. IMB International Bank has also joined the group.
11. IBTC Chartered: The bank which was to go it alone has now received CBN merger consent to merge with Chartered Bank and Regent Bank. This is expected to bring their shareholders' fund to a little over N35 billion. The group last week filed for CBN's approval-in-principle.
12. Diamond Bank Group: Diamond Bank has finally acquired Lion Bank having received final approval of the regulatory authorities last week. With this, its Shareholdersâ?? Fund now stands at about N28 billion and is expected to go up to about N31 billion at the end of this exercise.
13. Skye Bank Group: All appears set for the take-off of Skye Bank Plc (in formation) as combined shareholders' funds of the merging banks, that is, Prudent Bank Plc, EIB International Bank Plc, Bond Bank and Reliance Bank is now close to about N30 billion. The group should get CBN's approval-in-principle soon so it can move to the next stage. A new entrant into the group is Cooperative Bank which joined last week and would be coming on board with about N5 billion in shareholdersâ?? fund subject to CBNâ??s verification of the last capital raised.
14. Wema/National Bank Group: Comprises Wema Bank, National Bank, Fortune Bank and Lead Bank, the group is well positioned to meet the requirement. Wema Bank recently garnered gross proceeds amounting to N16.64 billion at the end of its public offer and added to an initial shareholders' fund of N8.06 billion would put it at about N24.7 billion.
15. FCMB Group: Comprises First City Monument Bank and Co-operative Development Bank and has now got a date for Court ordered meetings. The group is finalising arrangements with NAMBL. With a shareholders' fund now in excess of N27 billion, the group is set to conclude all necessary regulatory requirements and fuse into one before the end of November 2005.
16. Platinum Bank: - Platinum Habib Group Friday filed for CBNâ??s approval in principle. The fusion of the two banks would produce over N25 billion capital base.
17. Fidelity Bank: The bank now has FSB International Plc and has received the CBN approval-in-principle on their merger pact. It has also received pre-merger consent of the CBN for its acquisition of Manny Bank.
18. NIB/Citibank: The Citigroup has made the decision in New York to capitalise the bank and this is being driven, according to information, by the number of transactions in the oil and gas industry which it wants to retain and also the new deals in the deepwaters. It is only a matter of the fund getting into Nigeria.
19. Sterling Bank Group: This group had consisted of Trust Bank of Africa Limited, Magnum Trust Bank and NBM Bank, but has now included NAL Bank Plc and Indo Nigeria Bank. Presently, the group has over N25 billion capitalisation funds distributed among members and is finalising all necessary arrangements for the merger with their various shareholders.
20. First Inland Bank: Comprising First Atlantic Bank Plc and Inland Bank (Nig) Plc, the group has entered its final stages with the Court-Ordered Meetings of shareholders of both banks scheduled to hold October 26, 2005. The meetings are scheduled for Lagos and Abuja respectively after which it would seek regulatory authorities' final approval. CBN last week ratified proceeds of the public offer by First Atlantic Bank Plc, approving N6.16 billion worth of the investments.
21. First North Bank: As a result of the N38.2 billion forbearance given to Bank of the North, the bank's book is now looking positive. BON, NUB and New Africa Bank are merging to form First North Bank Plc. With NUB's N4 billion as well as some interests which some Northern investors have declared in the bank, in addition to the funds coming in from New Africa Bank, the group looks good to cross the rubicon.
22. Devcom/ETB: Equitorial Trust Bank and Devcom Bank are recapitalising its operations mainly through private placements by existing shareholders (rights issue), and retention of profits. It has through private placement and recapitalising of its profits generated inflows totaling N26.5 billion, though N9 billion is awaiting CBN verification. It is expected that it would eventually surpass the minimum requirement.
23. Citizen Guardian: The group comprises Citizens Bank, Guardian Express Bank, ACB and Manny Bank. While Citizens and Manny pulled out of an earlier arrangement with Union Bank, Guardian Express also pulled out of an earlier arrangement with Platinum Bank. The group hopes to have a combined shareholders fund in excess of N27 billion.
24. Unity Bank Group: Unity Bank Plc include in its merger process Intercity Bank Plc, Tropical Commercial Bank Plc, Pacific Bank Limited, First Interstate Bank Plc and CentrePoint Bank Plc. The group has received the Central Bank of Nigeria (CBN)'s approval in principle.
11.05.2005
1. UBA: The bank which emerged after the fusion of former United Bank for Africa and former Standard Trust Bank is already there. With over 400 branches spread across the country, it wants to be a neighbourhood bank in Nigeria as well as in the African region.
2. First Bank: First Bank is planning to acquire some smaller banks as well as extend its boundaries beyond Nigeria. Its deal with Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Nigeria Plc, with a view to consolidating with the group, would enable it capture the West African markets. However, ETI is said to be ready to inject funds into Ecobank Nigeria to meet the N25 billion new capitalization mark.
3. Union Bank: Union has accepted in principle to take some small banks along with it. Already, Union Bank, Broad Bank, UTB, Hallmark have filed an application to the CBN for approval in principle of their merger arrangements.
4. Zenith Bank: Zenith is going it alone while also scouting for any smaller ones that may add value to its brand and operations but most importantly, fit into its business plans and philosophy.
5. Guaranty Trust Bank: GTBank was one of the few banks that never had problems with the CBN threshold. With subsidiaries in some West African countries, it is realigning to battle the region with others.
6. Intercontinental Bank: The Intercontinental Group is now operating as a single entity. The bank has therefore become the second consolidated bank in the country after the UBA and with the largest shareholders' fund.
7. Standard Chartered: With a new investment of about $200 million, the bank is set for recapitalisation. The new financial position of the bank is expected to be announced soon as it would submit to the CBN for approval its financials which is presently going through audit.
8. Oceanic Bank: After the completion of the verification of capital exercise by the CBN, the bank now has about N26.5 billion as shareholders' fund has acquired two banks. Significant growth in shareholders' fund is expected from its recently concluded 2005 financial year.
9. Access Bank Plc: The bank last week emerged the third consolidated bank with a combined capital base of N28 billion.
10. Afribank Group: Having concluded due diligence on Afribank International (Merchant Bankers) Limited, Trade Bank Plc and NNB International Bank, Afribank Nigeria Plc has applied to the Central Bank of Nigeria (CBN) for approval in principle on the three banks. Also, Afribank has begun the initial valuation on the three banks to determine the share exchange ratio. IMB International Bank has also joined the group.
11. IBTC Chartered: The bank which was to go it alone has now received CBN merger consent to merge with Chartered Bank and Regent Bank. This is expected to bring their shareholders' fund to a little over N35 billion. The group last week filed for CBN's approval-in-principle.
12. Diamond Bank Group: Diamond Bank has finally acquired Lion Bank having received final approval of the regulatory authorities last week. With this, its Shareholdersâ?? Fund now stands at about N28 billion and is expected to go up to about N31 billion at the end of this exercise.
13. Skye Bank Group: All appears set for the take-off of Skye Bank Plc (in formation) as combined shareholders' funds of the merging banks, that is, Prudent Bank Plc, EIB International Bank Plc, Bond Bank and Reliance Bank is now close to about N30 billion. The group should get CBN's approval-in-principle soon so it can move to the next stage. A new entrant into the group is Cooperative Bank which joined last week and would be coming on board with about N5 billion in shareholdersâ?? fund subject to CBNâ??s verification of the last capital raised.
14. Wema/National Bank Group: Comprises Wema Bank, National Bank, Fortune Bank and Lead Bank, the group is well positioned to meet the requirement. Wema Bank recently garnered gross proceeds amounting to N16.64 billion at the end of its public offer and added to an initial shareholders' fund of N8.06 billion would put it at about N24.7 billion.
15. FCMB Group: Comprises First City Monument Bank and Co-operative Development Bank and has now got a date for Court ordered meetings. The group is finalising arrangements with NAMBL. With a shareholders' fund now in excess of N27 billion, the group is set to conclude all necessary regulatory requirements and fuse into one before the end of November 2005.
16. Platinum Bank: - Platinum Habib Group Friday filed for CBNâ??s approval in principle. The fusion of the two banks would produce over N25 billion capital base.
17. Fidelity Bank: The bank now has FSB International Plc and has received the CBN approval-in-principle on their merger pact. It has also received pre-merger consent of the CBN for its acquisition of Manny Bank.
18. NIB/Citibank: The Citigroup has made the decision in New York to capitalise the bank and this is being driven, according to information, by the number of transactions in the oil and gas industry which it wants to retain and also the new deals in the deepwaters. It is only a matter of the fund getting into Nigeria.
19. Sterling Bank Group: This group had consisted of Trust Bank of Africa Limited, Magnum Trust Bank and NBM Bank, but has now included NAL Bank Plc and Indo Nigeria Bank. Presently, the group has over N25 billion capitalisation funds distributed among members and is finalising all necessary arrangements for the merger with their various shareholders.
20. First Inland Bank: Comprising First Atlantic Bank Plc and Inland Bank (Nig) Plc, the group has entered its final stages with the Court-Ordered Meetings of shareholders of both banks scheduled to hold October 26, 2005. The meetings are scheduled for Lagos and Abuja respectively after which it would seek regulatory authorities' final approval. CBN last week ratified proceeds of the public offer by First Atlantic Bank Plc, approving N6.16 billion worth of the investments.
21. First North Bank: As a result of the N38.2 billion forbearance given to Bank of the North, the bank's book is now looking positive. BON, NUB and New Africa Bank are merging to form First North Bank Plc. With NUB's N4 billion as well as some interests which some Northern investors have declared in the bank, in addition to the funds coming in from New Africa Bank, the group looks good to cross the rubicon.
22. Devcom/ETB: Equitorial Trust Bank and Devcom Bank are recapitalising its operations mainly through private placements by existing shareholders (rights issue), and retention of profits. It has through private placement and recapitalising of its profits generated inflows totaling N26.5 billion, though N9 billion is awaiting CBN verification. It is expected that it would eventually surpass the minimum requirement.
23. Citizen Guardian: The group comprises Citizens Bank, Guardian Express Bank, ACB and Manny Bank. While Citizens and Manny pulled out of an earlier arrangement with Union Bank, Guardian Express also pulled out of an earlier arrangement with Platinum Bank. The group hopes to have a combined shareholders fund in excess of N27 billion.
24. Unity Bank Group: Unity Bank Plc include in its merger process Intercity Bank Plc, Tropical Commercial Bank Plc, Pacific Bank Limited, First Interstate Bank Plc and CentrePoint Bank Plc. The group has received the Central Bank of Nigeria (CBN)'s approval in principle.