According to a report by Citizen, Six
commercial banks are likely to seek mergers and acquisitions in the New Year.
The publication reports that the development
arises, “no thanks to the shock created in their assets and balance sheet sizes
in the face of declining oil prices. Crude oil prices have fallen to as low as
$37.11 per barrel from over $110 per barrel a year ago. This has adversely
affected banks’ oil assets. Besides, the level of non-performing loans in the
sector has risen.”
According to the report, Managing Director, Sterling Bank Plc, Yemi Adeola, who disclosed the
news yesterday, reportedly stating that he envisaged possible shrinking in
the number of local banks in the New Year?
However, he didn’t name any banks that may be
involved in the merger.
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SOURCE: BELLA NAIJA
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