Friday, 19th April 2024
To guardian.ng
Search
Business News  

Sun Trust Bank secures CBN’s regional licence

By Editor
24 November 2015   |   12:23 am
Having met the very stringent conditions set by the Central Bank of Nigeria (CBN), I am excited to announce that The Central Bank of Nigeria (CBN) has granted its final approval to SunTrust Bank Nigeria Limited to operate as a commercial bank with regional authorisation, on September 17, one year and two months after application.
Nigeria’s foremost Banker, Mr. Godwin Emefiele.

Nigeria’s foremost Banker, Mr. Godwin Emefiele.

Having met the very stringent conditions set by the Central Bank of Nigeria (CBN), I am excited to announce that The Central Bank of Nigeria (CBN) has granted its final approval to SunTrust Bank Nigeria Limited to operate as a commercial bank with regional authorisation, on September 17, one year and two months after application.

The licence issuance was the first fresh mandate to be made by CBN since 2001.

The Managing Director and Chief Executive Officer of the bank, Muhammad Jibrin Barde said the financial institution’s “journey as a bank since 2009 details the courageous decisions and heroic self-sacrifice of all the people that made SunTrust assent possible.

“In the years to come, the developments at SunTrust should have far-reaching influence in the banking sector specifically and our nation generally.”

SunTrust Bank will be formally presented to the public during the first quarter of 2016.

Related

World Bank, AfDB to provide electricity for 300 million Africans by 2030
6 hours ago
Access Pensions commits to guiding customers on backed mortgages
6 hours ago
NGX reverses gains as capitalisation dips by N35 billion
6 hours ago
Customs records 95.3% growth in non-oil exports via Tin Can port
6 hours ago
CIoD tasks directors on effective leadership amid global disruptions
7 hours ago
Stanbic IBTC raises N350 billion to tackle energy inadequacy
7 hours ago

0 Comments

Business News
FX volatility, reduced investments, economic slowdown worry LCCI
6 hours ago
The Lagos Chamber of Commerce and Industry (LCCI) is deeply worried about the various economic headwinds confronting the stability of the Nigerian economy.
Business News
FG says production increase key to midstream, downstream stability
6 hours ago
Worried by the dwindling oil production and the need to drive investments in the nation’s oil and gas sector, the Federal Government, through the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has underscored the imperative of ramping up production as a pivotal strategy to ensure stability in the midstream and downstream sectors of the industry.
Maritime
NPA seeks DMO approval for $700m loan to rehabilitate Lagos Ports
6 hours ago
The Nigerian Ports Authority (NPA) is awaiting the Debt Management Office's (DMO) final review and approval of Citibank's $700 million loan mandate, which will fund the rehabilitation of the Apapa and Tin-Can Island ports in Lagos.
Nigeria
Marshall attributes naira gain to CBN clearance of FX backlog
1 day ago
A foreign investor at TLG Capitals, Isaac Marshall, has attributed the naira gain to the decision of the Central Bank of Nigeria (CBN) to clear the FX backlog. Nigeria's foreign exchange (FX) reserves have fallen to a six-year low, Marshall said in a statement on his LinkedIn account on Thursday. He stated that this decline…
Business News
Stakeholders rally operators on AI adoption for industry growth
1 day ago
Stakeholders in the insurance and pension industry have called on operators in the sectors to adopt artificial intelligence (AI) to drive business expansion in the country.
Business News
FCCPC to enforce fair competition for price reduction
1 day ago
Though it does not have the power to regulate prices, the Federal Competition and Consumer Protection Commission (FCCPC) will deploy an existing legal framework to enforce fair competition and consumer protection provisions to achieve fair prices of commodities.
Business News
Inflation to decelerate mid-2024, says Akabueze
1 day ago
Inflation in Nigeria is reaching its peak now and will decelerate toward the middle of the year, Director-General of the Budget Office of the Federation, Ben Akabueze, has said.
Business News
NB’s N600b rights to settle FX losses, local bank debt facility
1 day ago
Nigerian Breweries (NB) Plc has disclosed that the proposed N600 billion recapitalisation scheme by way of rights issue would settle N153 billion outstanding foreign exchange (FX) losses and part of its local bank debt facility.
Business News
IRENA seeks new approach to energy security amid rising geopolitics
1 day ago
The International Renewable Energy Agency (IRENA) is seeking a new approach to energy security amidst geopolitical concerns and a push from fossil fuels.
Business News
CIBN highlights importance of liquidity at yearly lecture
1 day ago
The Chartered Institute of Bankers of Nigeria (CIBN) 2024 yearly lecture, slated to take place on April 23, at the Civic Center, Victoria Island, Lagos, has its theme as "Improving Availability of Credit in the Nigerian Real Economy: The Critical Importance of Liquidity."