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Bank PHB has acquired Spring Bank PLC thus reducing the number of banks operating in the country from 24 to 23.
This is the second market driven acquisition taking place in the Nigerian banking industry after the CBN introduced consolidation, the first being the merger of IBTC/Chartered Bank with Stanbic PLC.
Bank PHB Plc yesterday said that it has successfully completed its mandatory bid for the acquisition of over 3 billion shares of Spring Bank Plc. A statement issued by the bank said "The Mandatory bid, declared unconditional by the Bank, following the fulfilment of all the conditions precedent set out in the bid has given Bank PHB majority stakes in …