Nigeria: CBN Issues Merchant Bank License to Firstrand, FSDH

26 November 2012

Lagos — The Central Bank of Nigeria (CBN) has issued merchant banking license to two firms.They are South Africa's Rand Merchant Bank Nigeria and Nigeria's First Securities Discount House limited (FSDH). Rand Merchant Bank Nigeria would be owned by FirstRand Group of South Africa.

This is the fallout of CBN's abolishing of universal banking tradition to the banking system where categories of banks will exist, providing specialised services in their area of core competencies. The CBN abolished the universal banking system in 2010.

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