SCIL pays NGN50bn to acquire Polaris Bank

Strategic Capital Investment Limited (SCIL) has completed the acquisition of Polaris Bank Limited on an upfront payment of N50 billion to acquire 100 per cent of its equity. The bank also agreed to repay N1.305 trillion injected into it by the Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON). After … Continue reading SCIL pays NGN50bn to acquire Polaris Bank

Russia’s Sberbank to sell off sanctions-hit Swiss subsidiary

The Swiss financial markets watchdog said Friday that Sberbank, one of Russia's largest banks, is selling its Swiss subsidiary, which had come under pressure because of international sanctions on Russian interests over the invasion of Ukraine. Sberbank (Switzerland) AG, which focuses on trade finance in commodities, was already facing liquidity problems after the first round … Continue reading Russia’s Sberbank to sell off sanctions-hit Swiss subsidiary

Fidelity Bank announces plans to acquire Union Bank UK

Leading financial institution, Fidelity Bank Plc, has intimated the public of its proposed acquisition of Union Bank UK as part of its expansion plans. In a regulatory filing issued on the Nigeria Exchange (NGX) on Tuesday, 30 August 2022, the bank stated that it has entered into a binding agreement for the acquisition of 100% … Continue reading Fidelity Bank announces plans to acquire Union Bank UK

Bank of England sets financial plan to improve UK economy

The Bank of England (BoE) said on Thursday, August 5, it could see a modest reduction ahead in the huge support it has provided to Britain's economy during the COVID-19 pandemic and set out how it could gradually tighten monetary policy. Photo by Anthony on Pexels.com For now, the central bank decided to keep its stimulus at full speed, … Continue reading Bank of England sets financial plan to improve UK economy

UK Business meziesblog

Bank of England: The UK economy will rise again

The Bank of England voiced cautious optimism Thursday about the U.K.'s economic outlook in the wake of a sharp fall in coronavirus infections and the rapid rollout of the nation's COVID-19 vaccination program. The Bank of England voiced cautious optimism Thursday about the U.K.'s economic outlook in the wake of a sharp fall in coronavirus … Continue reading Bank of England: The UK economy will rise again

CBN sets N2b benchmark for Mobile Money Operators (MMOs)

Mobile Money Operators (MMOs) are to maintain a minimum of N2 billion capital base, the Central Bank of Nigeria (CBN) has directed in a circular signed by its Director, Payments System Management Department, Musa Jimoh. They have also been authorised by the apex bank to hold customers’ funds under its new licencing framework. According to … Continue reading CBN sets N2b benchmark for Mobile Money Operators (MMOs)

A literature review of corporate governance

Literature Review Corporate governance refers to the processes, structures and information used for directing and overseeing the management of an institution (Duncan and Cameron, 2005). A good corporate governance framework establishes the mechanism for achieving accountability between the board, senior management and shareholders, while protecting the interests of relevant stakeholders and they also set structure … Continue reading A literature review of corporate governance

Alex Otti explains Diamond Bank’s plan to revive Nigerian economy

  “Must do better” was the IMF’s recent verdict on the Nigerian banking system. Many reforms were “highly commendable”, it said, but more still needs to be done to strengthen the central bank’s oversight. Image: Alex Otti Dr Alex Otti, CEO of Nigeria’s Diamond Bank, discusses the challenges for Nigeria’s banking sector, the impact of the country’s dependence … Continue reading Alex Otti explains Diamond Bank’s plan to revive Nigerian economy

What every ‘smart’ banker craves to learn from Warren Buffet

  It’s reasonable to argue that the greatest banker in the United States today isn’t a banker at all—he’s an insurance guy. You might have heard of him. His name is Warren Buffett! As the chairman and CEO of Berkshire Hathaway, an insurance-focused conglomerate based in Omaha, Nebraska, Buffett oversees one of the largest portfolios of … Continue reading What every ‘smart’ banker craves to learn from Warren Buffet

CBN refunds N6.8bn excess charges to retail bank customers

  The Central Bank of Nigeria, CBN, yesterday, disclosed that commercial banks have refunded N6.8 billion excess charges to their customers in the first half of 2018 (H1’18), the Vanguard reports. The apex bank disclosed this in its half year, 2018 economic review report. The CBN report showed that the N6.8 billion excess charges refunded … Continue reading CBN refunds N6.8bn excess charges to retail bank customers

JPMorgan expanding to Kenya and Ghana

JPMorgan Chase & Co, the world's 6th largest bank by total assets, said it plans to expand its African presence into countries including Ghana and Kenya, Chief Executive Jamie Dimon said in an interview on Wednesday. “You’ll see us open in some countries we are not in, in Africa you’ll be hearing about some of … Continue reading JPMorgan expanding to Kenya and Ghana

How Bank of America’s retro banking is paying off

Heritage isn't just about history, Bank of America would love to admit, having started the first nationally licensed credit card program which was previously referred to as BankAmericard. The innovation attracted rapid and widespread adoption; growth and increased sales followed, and sooner than expected, the program was eventually renamed Visa after gaining global acceptance. Bank … Continue reading How Bank of America’s retro banking is paying off