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Tuesday, July 23, 2019

CBN approves three new banks - ITREALMS

ITREALMS:
The Central Bank of Nigeria (CBN) has approved three new bank licences, reports ITREALMS.

CBN in its latest update on the website available to ITREALMS increased the number of current bank licensee to 23 with two deposit bank and one non-interest bank.

This is coming as CBN also issued a licence to a non-interest bank, increasing the number to two in the country.

The new deposit money banks are Titan Trust Bank Limited and Globus Bank Limited, whilst TAJ Bank Limited joined Jaiz Bank as a non-interest bank.

ITREALMS recalls that last June, CBN governor, Mr. Godwin Emefiele, disclosed that the bank wconsidering a recapitalisation exercise for deposit money banks in the country.

“In the next five years, we intend to pursue a programme of recapitalising the Nigerian banking industry so as to position Nigerian banks among the top 500 in the world,” he said.

ITREALMS further recalls that in July 2004, the CBN introduced policy to recapitalize the banking sector from N2 billion to N25 billion with effect from December 31, 2005.

Nenye Dom/Editor

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