Daily Banking Industry News
Sunday 07th of September 2008

Banking Sectors:

By company:

By organisation:

Also see:

June 9, 2008

UBA acquires Liberty Bank

by Richard Kilner

Story link: UBA acquires Liberty Bank

On Friday United Bank for Africa (UBA) announced it had acquired Liberty Bank (in liquidation).

Liberty Bank is the sixth failed firm taken over by the UBA, West Africa’s largest bank, in the course of the last year.

The other five banks are: City Express Bank, Gulf Bank, Trade Bank, Afex bank and Metropolitan bank.

Central Bank of Nigeria (CBN) and Nigerian Deposit Insurance Corporation (NDIC) have established a Purchase and Assumption agreement, with the UBA submitting the winning bid.

Victor Osadolor, executive director and group financial officer, has stated that the latest acquisition of the UBA marks another step in its quest to become the predominant financial institution in the whole of Africa.

The 17 branches of Liberty Bank are now the UBA’s, as is its deposit liabilities, and on the 23rd of this month all the private sector depositors of Liberty will be verified and assumed.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related stories to: UBA acquires Liberty Bank

UBA acquires Liberty Bank  ...

UBA acquire Liberty Bank  ...

Ghana Commercial Bank begins e-zwich rollout  ...

Bank of Ching Hong Kong acquires stake in rival  ...

ING DIRECT acquires 91% of Interhyp shares  ...

No Comments »

No comments yet.

Leave a comment


Previous: « Central bank body warns of Great Depression
Next: Deutsche Bank expands into Portuguese custody market »

Visited 387 times, 1 so far today

Investment Banking News


Savings & Investment News


Borrowing & Lending News