Nigeria: Merger in the Offing

12 December 2008

With the drying of credit in the international financial market following the global financial crisis, the nation's banking sector may soon witness an emergence of the second successful post consolidation merger between BankPHB and Spring Bank. The first successful post consolidation merger was between IBTC-Chartered Bank and Stanbic Bank, though not wholly owned by Nigerians, the Bank PHB Spring Bank merger will be the first wholly indigenous market induced merger/acquisition between two publicly listed banks on the Nigerian Stock Exchange (NSE).

This however signals a new phase in the competition dynamics in the Nigerian financial industry, and also see the emergence of bigger, financially stronger and more competitive financial institutions with capacity to finance big ticket transactions like infrastructure finance, oil exploration and manufacturing.

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