ProvidusBank PLC and SunTrust Bank Limited Gets Banking License

Banking license

The Central Bank of Nigeria, CBN, Nigeria’s apex bank has finally granted regional banking license two banks.

In a circular posted on the CBN’s website, the apex bank also granted regional banking license to Sun Trust Bank Limited. The circular only listed the two banks as regional banks with no further details on its promoters.

In the circular, ProvidusBank’s registered address: 1, Oladele Olashore Street, Victoria Island, Lagos, while SunTrust Bank Limited’s address is located at: Plot 54, Adetokunbo Ademola Street, Victoria Island, Lagos.

Mr. Muhammad Jibrin Barde, CEO of SunTrust Bank Limited told local journalists that:

I am excited to announce that the CBN granted its final approval to SunTrust Bank Nigeria Limited to operate as a commercial bank with regional authorisation on September 17, 2015, one year two months after application.This is indeed a remarkable feat as ours is the only fresh licence to be issued by the CBN since 2001.

“Our journey as a bank since 2009 details the courageous decisions and heroic self-sacrifice of all the people that made SunTrust assent possible. In the years to come, the developments at SunTrust should have far-reaching influence in the banking sector specifically and our nation generally,”

It is not clear which region these two banks will be concentrating. ProvidusBank would probably be focusing in the south western region of the country.


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