The future of Equitorial Trust Bank (ETB) – one of the 10 banks bailed out by the Central Bank of Nigeria (CBN) in 2009 – was settled yesterday, with its acquisition by Sterling Bank Plc.
Of the four rescued banks yet to find merging partners, only ETB was spared by the CBN. Three others – Afribank, Spring Bank and Bank PHB – were liquidated by the Nigeria Deposit Insurance Corporation (NDIC) last Friday, following their inability to make progress in their recapitalisation. The NDIC said ETB was spared because it had made much progress in its recapitalisation.
The Sterling Bank and ETB deal, according to sources, has won the backing of the ETB board and Chief Mike Adenuga, the billionaire founder of the bank. …The Nation
Sterling Bank acquires ETB
On August - 12 - 2011 ADD COMMENTS
