CBN releases list of Deposit Money Banks after introducing recapitalization
CBN releases list of Deposit Money Banks after introducing recapitalization
Nike Popoola
The Central Bank of Nigeria (CBN) on Tuesday, released the list of Deposit Money Banks (DMBs) in the country as at April 26, 2024.
The banking regulator had earlier raised the minimum capital of the lending institutions, and given them 24 months to meet the new minimum requirement, commencing from April 1, 2024, till March 31, 2026.
CBN’s list of DMBs:
COMMERCIAL BANKING LICENCE WITH INTERNATIONAL AUTHORIZATION
1. Access Bank Limited
2. Fidelity Bank Plc
3. First City Monument Bank Limited
4. First Bank Nigeria Limited
5. Guaranty Trust Bank Limited
6. United Bank of Africa Plc
7. Zenith Bank Plc
COMMERCIAL BANKING LICENCE WITH NATIONAL AUTHORIZATION
8. Citibank Nigeria Limited
9. Ecobank Nigeria Limited
10. Heritage Bank Plc
11. Globus Bank Limited
12. Keystone Bank Limited
13. Polaris Bank Limited
14. Stanbic IBTC Bank Limited
15. Standard Chartered Bank Limited
16. Sterling Bank Limited
17. Titan Trust Bank Limited
18. Union Bank of Nigeria Plc
19. Unity Bank Plc
20. Wema Bank Plc
21. Premium Trust Bank Limited
22. Optimus Bank Limited
COMMERCIAL BANKING LICENCE WITH REGIONAL AUTHORIZATION
23. Providus Bank Limited
24. Parallex Bank Limited
25. Suntrust Bank Nigeria Limited
26. Signature Bank Limited
NON INTEREST BANKING LICENSE WITH NATIONAL AUTHORIZATION
27. Jaiz Bank Plc
28. Taj Bank Limited
29. Lotus Bank Limited
30. Alternative Bank Limited
MERCHANT BANKING LICENCE WITH NATIONAL AUTHORIZATION
31. Coronation Merchant Bank Limited
32. FBN Merchant Bank Limited
33. FSDH Merchant Bank Limited
34. Greenwich Merchant Bank Limited
35. Nova Merchant Bank Limited
36. Rand Merchant Bank Limited
FINANCIAL HOLDING COMPANIES IN NIGERIA
37. Access Holdings Plc
38. FBN Holdings Plc
39. FCMB Group Plc
40. FSDH Holding Company Limited
41. Guaranty Trust Holding Company Plc
42. Stanbic IBTC Holdings Plc
43. Sterling Financial Holdings Limited
REPRESENTATIVE OFFICE
44. The Mauritius Commercial Bank Representative Office (Nigeria) Limited
The CBN earlier, announced it raised the minimum capital requirement of commercial banks with international authorization to N500bn.
It disclosed this in a Circular with the number, FPR/DIR/PUB/ClR/0021009’, to all commercial, merchant and non-interest banks; and promoters of proposed banks, titled ‘Review of minimum capital requirements for commercial, merchant, and non-interest banks in Nigeria’.
The circular was signed by the Director, Financial Policy and Regulation Department, CBN, Haruna Mustafa.
According to the circular, commercial banks with national authorization’s new capital was raised to N200bn; commercial banks with regional authorization is now N50bn; merchant banks with national authorization is N50bn; Non-interest bank with national authorization is N20bn, and Non-interest bank with regional authorization is N10bn.
The circular read, “The prevailing macroeconomic challenges and headwinds occasioned by external and domestic shocks have underscored the need for banks to raise and maintain adequate capital to enhance their resilience, solvency and capacity to continue to support the growth of the Nigerian economy.
“Consequently, in furtherance of its statutory responsibility to promote a safe, sound and stable banking system and in line with Section 9 of the Banks and Other Financial Institutions Act (BOFIA) 2020, the Central Bank of Nigeria (CBN) hereby announces an upward review of the minimum capital requirements for commercial, merchant and non-interest banks in Nigeria as follows.”
To meet the minimum capital requirements, the CBN stated that banks may consider any of the following options: Inject fresh equity capital through private placements, rights issue and/or offer for subscription; mergers and acquisitions and/or; upgrade or downgrade of license authorization.
