August 11, 2011
Enterprise Bank Limited on Wednesday confirmed receipt of N111bn recapitalisation fund from the Asset Management Corporation of Nigeria.
EBL, formerly Spring Bank, in a statement said that with the injection of the sum from AMCON it became fully recapitalised and met the stipulated requirements of the Central Bank of Nigeria.
“Accordingly the bank has fully refunded the N60bn injected into the bank when the CBN intervened in the defunct Spring Bank Plc in 2007 and 2009. The balance of the funding is left in the bank to support business development and other financial requirements,” the bank said.
The statement, which was signed by the brand management department, EBL, noted that the bank now fully enjoyed a level-playing field and could compete favourably with any other bank in the industry without any disadvantage.
“EBL is in a position to meet all its obligations. Customer confidence has equally increased and there has been no run on the bank since the transformation of the bank from Spring Bank,” the statement added.
Source: Punch/ By Okechukwu Nnodim