Finbank, one of the nine
Nigerian lenders rescued by the country’s central bank in 2009, has
told the local stock exchange that it is in talks with a potential
strategic investor. Finbank said it was in discussions which, if
concluded, would result in the bank being recapitalised.
News agency Reuters
reported in early January that 150-branch-strong First City
Monument Bank (FCMB) had made a bit to acquire Finbank (182
branches).
Go deeper with GlobalData
For the nine months to 30
September, FCMB posted profits before tax of NGN6.1bn ($39.6m)
compared to NGN0.3bn for the same period in the previous
year.
FCMB’s retail unit remains
in the red although losses narrowed for the nine months to 30
September to NGN5.3bn from NGN6.0bn in the previous
year.
FCMB has targeted break
even at its retail unit in fiscal 2011.
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