Nigerian financial regulators signed a deal Saturday to transfer the management of three acquired banks to a recently established asset company as part of efforts to restore them to sound health.
The government on Friday announced the takeover of Afribank Plc, Bank PHB and Spring Bank over their inability to recapitalise by a September 30 deadline.
The assets and liabilities of the failed banks were transferred to three new 'bridge banks' by the Nigeria Deposit Insurance Corporation.
The three 'bridge' banks are to be called Enterprise Bank Limited, Keystone Bank Limited, and MainstreetBank.
Source : New Age
