Six Nigerian Banks To Merge In January 2016 .

Six Nigerian Banks To Merge In January 2016
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According to a report by Citizen Six commercial
banks are likely to seek mergers and acquisitions in
the New Year.
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The publication reports that the development arises,
“no thanks to the shock created in their assets and
balance sheet sizes in the face of declining oil prices.
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Crude oil prices have fallen to as low as $37.11 per
barrel from over $110 per barrel a year ago. This has
adversely affected banks’ oil assets. Besides, the level
of non-performing loans in the sector has risen.”
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According to the report, Managing Director, Sterling
Bank Plc, Yemi Adeola, who disclosed the news
yesterday, reportedly stating that he envisaged
possible shrinking in the number of local banks in the
New Year.
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However, he didn’t name any banks that may be
involved in the merger.