2007-11-22 | TED-FEM-FPC-GEN-01-141-07

Circular To All Banks- Bank Mergers & Acquisitions

The Central Bank of Nigeria (CBN) has noticed recent financial consolidation efforts among banks and encourages these initiatives, given the positive reasons behind them. However, such processes must adhere to due process, professionalism, and relevant laws governing banking. Banks planning mergers or acquisitions should initiate discussions with target bank board directors/key shareholders, inform the CBN in writing before proceeding, and provide updates throughout the process. All actions taken during these transactions must comply strictly with existing laws and regulations, and the CBN will not tolerate activities that could lead to instability in the banking system.

Nigeria

Central Bank of Nigeria

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