CBN Grants Providus Bank Licence To Operate As A Commercial Bank

CBN Grants Providus Bank Commercial Banking
Licence

June 15, 2016 Ezekiel Enejeta BANKING 0
Providus Bank Plc has been granted a commercial
banking licence with regional authorisation by the
Central Bank of Nigeria (CBN).

The central bank disclosed this in a circular posted
on its website on Tuesday.

Although the circular did not give further details
about the promoters of the new bank, it disclosed
that the financial institution has its head office in
Lagos.

Also listed was Suntrust Bank Limited, which
obtained its licence as a regional bank last year.
Managing Director/Chief Executive Officer of the
bank, Mr. Muhammad Jibrin Barde, had explained
that the financial institution achieved the feat having
met the stringent conditions set by the CBN. He
stated that SunTrust Bank will be formally
presented to the public in the first quarter of 2016.

“I am excited to announce that the CBN granted its
final approval to SunTrust Bank Nigeria Limited to
operate as a commercial bank with regional
authorisation on September 17, 2015, one year two
months after application.This is indeed a
remarkable feat as ours is the only fresh licence to
be issued by the CBN since 2001.

“Our journey as a bank since 2009 details the
courageous decisions and heroic self-sacrifice of all
the people that made SunTrust assent possible. In
the years to come, the developments at SunTrust
should have far-reaching influence in the banking
sector specifically and our nation generally,” Barde
added.

The list of banks and financial holding companies
also showed that the country has 10 commercial
banks with international licence. They are Access
Bank, Diamond Bank, Fidelity Bank, First City
Monument Bank, FirstBankof Nigeria, Guaranty Trust
Bank Plc, Skye Bank, Union Bank, United Bank for
Africa Plc and Zenith Bank Plc.

On the other hand, the banks with national banking
licence are Citibank Nigeria, Ecobank Nigeria,
Heritage Bank, Keystone Bank, Stanbic IBTC,
Standard Chartered Bank, Sterling Bank, Unity Bank
and Wema Bank.

But Jaiz Bank is the only non-interest bank, while
Coronation Merchant Bank, FSDH Merchant Bank,
Rand Merchant Bank and FBN Merchant Limited are
the four merchant banks in the country. Presently,
FCMB Group Plc, FBN Holdings Plc and Stanbic
IBTC Holdings Plc, according to the circular.

Meanwhile, the naira fell to N370 to a dollar
yesterdaydown from the N365 to a dollar it was on
Monday. This is just as currency traders eagerly
await the release of the guidelines for the flexible
exchange by the central bank. The new forex policy
will be unveiled today (Wednesday).

http://www.financialwatchngr.com/2016/06/15/
cbn-grants-providus-bank-commercial-banking-
licence/