Spring Bank
Encyclopedia
Spring Bank Plc., also referred to as Spring Bank, is a commercial bank
in Nigeria
. It is one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria
, the country's banking regulator.
. , the bank's total assets were estimated at about US$1.31 billion (NGN:201.3 billion). The stock
of Spring Bank is listed on the Nigerian Stock Exchange, where it trades under the symbol: SPRINGBANK.
n financial institutions, namely:
At the time it was formed, Spring Bank had a capital base of approximately US$224 million (NGN:34.5 billion) with total assets estimated at approximately US$988 million (NGN:152 billion).
In 2009, following an industry-wide audit of all commercial banks in the country, the Central Bank of Nigeria
(CBN), the banking regulator in the country, found nine commercial banks under-capitalized and badly managed. Spring Bank was one of the troubled banks. The CBN intervened by injecting new capital to maintain solvency and appointing new management. Spring Bank is in the process of re-capitalizing by inviting new investors, yet to be publicly identified.
in 2009, Bernadina Sola Ayodele was appointed Group Managing Director and Chief Executive Officer
.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
. It is one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
, the country's banking regulator.
Overview
Spring Bank is a large financial services provider in NigeriaNigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
. , the bank's total assets were estimated at about US$1.31 billion (NGN:201.3 billion). The stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of Spring Bank is listed on the Nigerian Stock Exchange, where it trades under the symbol: SPRINGBANK.
History
Spring Bank was formed in December 2005 by the merger of six (6) NigeriaNigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
n financial institutions, namely:
- ACB International Bank Plc.
- Citizens International Bank Plc.
- Fountain Trust Bank Plc.
- Guardian Express Bank Plc.
- Omega Bank Plc.
- Trans International Bank Plc.
At the time it was formed, Spring Bank had a capital base of approximately US$224 million (NGN:34.5 billion) with total assets estimated at approximately US$988 million (NGN:152 billion).
In 2009, following an industry-wide audit of all commercial banks in the country, the Central Bank of Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
(CBN), the banking regulator in the country, found nine commercial banks under-capitalized and badly managed. Spring Bank was one of the troubled banks. The CBN intervened by injecting new capital to maintain solvency and appointing new management. Spring Bank is in the process of re-capitalizing by inviting new investors, yet to be publicly identified.
Governance
Following the intervention of the Central Bank of NigeriaCentral Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
in 2009, Bernadina Sola Ayodele was appointed Group Managing Director and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
.