Proshare Logo
   Market Date: 30-10-2014   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

FinBank remits over N40bn to CBN

Category: Capital Market


  Read (1558)
FinBank remits over N40bn to CBN

 

The management of FinBank Plc said it has remitted N40 billion to the Central Bank of Nigeria (CBN), representing the outstanding CBN expanded discount window funds. 

 

This was disclosed by the Managing Director and Chief Executive Officer of FinBank Plc, Mrs. Suzanne Iroche, while addressing newsmen at a press briefing in Lagos.

 

While other members of the eight rescued banks, that is, “the R8,” have resorted to giving waivers and relied heavily on the bailout funds provided by the CBN, FinBank Plc is already refunding the apex bank.

 

According to Iroche, the bank’s indebtedness to the CBN was the N50 billion bailout fund, which would be repaid as soon as the modalities to recapitalise were put in place. In accordance with the CBN directives, the bank will partner with the CBN appointed advisers on recapitalisation to welcome core investors who can provide the needed liquidity and who have good track records of corporate governance.

 

FinBank Plc was among the initial five banks rescued by the CBN Governor, Mallam Sanusi Lamido Sanusi, from their grave situations by injecting N420 billion on August 14, 2009.

 

The new management has succeeded in restoring customers’ confidence, which is evident in increased deposits of about 20 per cent in the last two months, and the trend is expected to be sustained and improved overtime. The bank has also attained and surpassed the 25 per cent minimum regulatory liquidity. 

 

(Source: Nigerian Tribune)



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Volunteer Program
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint