{"id":418363,"date":"2011-05-06T03:00:00","date_gmt":"2011-05-06T03:00:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/06\/all-rescued-banks-%e2%80%98ll-have-new-investors-%e2%80%93-sanusi\/"},"modified":"2011-05-06T03:00:00","modified_gmt":"2011-05-06T03:00:00","slug":"all-rescued-banks-ll-have-new-investors-sanusi","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/06\/all-rescued-banks-ll-have-new-investors-sanusi\/","title":{"rendered":"All rescued banks \u2018ll have new investors \u2013 Sanusi"},"content":{"rendered":"
\n

Cape Town (S-Africa) \u2014 THE Central Bank of Nigeria, CBN, Governor Mallam Lamido Sanusi said yesterday that all the banks that were rescued in a bailout two years ago will find new investors, with four of them already agreed in principle on mergers.<\/p>\n

The CBN in 2009 injected $4 billion into nine lenders deemed by auditors to have become so weakly capitalised that they posed a risk to the entire banking system in sub-Saharan Africa\u2019s second-biggest economy.<\/p>\n

An asset management company (AMCON) has been set up to restore them to zero shareholders funds but new investors have been sought to bring them up to minimum capital adequacy.<\/p>\n

\u201cI don\u2019t think there are any that will never get sold,\u201d Sanusi told Reuters on the sidelines of a World Economic Forum event in Cape Town.<\/p>\n

\u201cFour are certainly on their way to mergers \u2026 Two more have suitors, very good suitors, but we couldn\u2019t agree on commercial terms,\u201d he said.<\/p>\n

Union Bank Intercontinental Bank, Finbank and Afribank have all signed memoranda of understanding with new investors.<\/p>\n

Intercontinental will merge with healthy local peer Access Bank, while Union Bank has announced a $750 million deal with a consortium led by the African Capital Alliance private equity firm. Afribank has signed a recapitalisation agreement with private equity group Vine Capital, a consortium of local and international firms. Banking sources say Nigeria\u2019s First City Monument Bank has signed an agreement with Finbank although the deal has not yet been formally announced.<\/p>\n

The two banks where commercial terms for a deal could not be agreed are Oceanic Bank and Bank PHB. First Bank, Nigeria\u2019s biggest lender by assets, had been seen as a potential buyer of Oceanic but its chief executive told Reuters last month it had yet to strike a deal on buying any rescued bank. Bank PHB was the product of a merger between Platinum Bank and Habib Bank, one of Pakistan\u2019s biggest lenders, and banking sources have said Habib has held talks about increasing its shareholding.<\/p>\n

\u201cOceanic does have strategic assets and we feel the value being offered does not reflect that,\u201d Sanusi said.
\u201cThe other (PHB) is a bank where there is a suitor but we feel the amount of capital being brought in is not sufficient for the bank to stand solidly on its feet,\u201d he said. Sanusi said there was no rush to sell Oceanic or Bank PHB and AMCON could recapitalise them and ready them for a sale in a few years\u2019 time.\u201dOur first option is to get private sector partners.<\/p>\n

But in the absence of that happening, we can easily plug the hole, capitalise them, put in management, let the banks run for a year or two, and then do it later,\u201d he told CNBC Africa television.<\/p>\n

Two of the other rescued banks __ Spring Bank and Equitorial Trust Bank, which accounts for less than 1 percent of the total banking sector in Nigeria __ are seen as systemically unimportant.<\/p>\n

The ninth rescued lender, Wema Bank, is restructuring into a regional bank, which has a significantly lower minimum capital requirement than national banks. It has already raised capital to ensure its survival.<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

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\nAll rescued banks \u2018ll have new investors \u2013 Sanusi<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cape Town (S-Africa) \u2014 THE Central Bank of Nigeria, CBN, Governor Mallam Lamido Sanusi said yesterday that all the banks that were rescued in a bailout two years ago will find new investors, with four of them already agreed in principle on mergers. The CBN in 2009 injected $4 billion into nine lenders deemed by auditors to have become so weakly capitalised that they posed a risk to the entire banking system in sub-Saharan Africa\u2019s second-biggest economy. An asset management company (AMCON) has been set up to restore them to zero shareholders funds but new investors have been sought to bring them up to minimum capital adequacy. <\/p>\n","protected":false},"author":0,"featured_media":418364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-418363","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"\nAll rescued banks \u2018ll have new investors \u2013 Sanusi - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/06\/all-rescued-banks-ll-have-new-investors-sanusi\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"All rescued banks \u2018ll have new investors \u2013 Sanusi - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Cape Town (S-Africa) \u2014 THE Central Bank of Nigeria, CBN, Governor Mallam Lamido Sanusi said yesterday that all the banks that were rescued in a bailout two years ago will find new investors, with four of them already agreed in principle on mergers. 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