CASE STUDIES FROM AFRICA
30769-doc-services_exports_for_growth_and_development_africa
30769-doc-services_exports_for_growth_and_development_africa
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New Banks<br />
Constituent Members<br />
15 Sterling Bank Trust Bank, Afica Ltd. NBM Bank Ltd, Magnum Trust Bank NAL Bank Plc,<br />
and Indo-Nigeria Bank<br />
16 United Bank for Africa United Bank for Africa PLC, Standard Trust Bank Plc, and Continental Bank<br />
17 Union Bank of Nigeria Union Bank of Nigeria Plc, Union Merchant Bank Ltd, Broad Bank of Nigeria<br />
Ltd, and Universal Trust Bank Nigeria Plc<br />
18 Unity Bank Intercity Bank Plc, First Interstate Bank Plc, Tropical Commercial Bank Plc,<br />
Centre Point Bank Plc, Bank of the North, New Africa Bank, Societe Bancaire,<br />
Pacific Bank, and New Nigeria Bank<br />
19 Wema Bank Wema Bank Plc and National Bank of Nigeria<br />
21 Ecobank Nigeria Ecobank Nigeria Plc<br />
22 Stanbic Bank Stanbic Bank<br />
23 Standard Chartered Bank Standard Chartered Bank<br />
24 Nigeria International Nigeria International Bank<br />
Bank<br />
25 Guaranty Trust Bank Guaranty Trust Bank<br />
Source: First Securities Discount House, 2011<br />
Table 11: Recent Mergers and Acquisitions in the Bank Consolidation Era<br />
Distressed Bank New Owners Acquisition Date<br />
Equatorial Trust Bank Sterling Bank Plc 2011<br />
First Inland Bank<br />
First City Monument Bank<br />
Intercontinental Bank Plc<br />
Access Bank Plc<br />
Oceanic Bank Plc Ecobank Nigeria Plc 2011<br />
Union Bank Plc<br />
African Capital Alliance Consortium<br />
Source: First Securities Discount House, 2011.<br />
The Nigerian banking industry also recently switched over to the Nigeria uniform bank<br />
account number (NUBAN) structure in its customer records database. A NUBAN code,<br />
created for every customer account (current, savings, etc.), is the only account number being<br />
used at all interfaces with bank customers and has made Nigeria fully compliant with the<br />
10-digit account number structure required by the West Africa Monetary Institute (WAMI)<br />
towards the economic integration of ECOWAS countries. Certain benefits have been derived<br />
from the policy. These include a substantial reduction in the volume of items returned<br />
unapplied due to wrong account numbers, reduction in the incidence of wrong postings of<br />
account numbers by the receiving bank, and reduction in the incidence of delayed<br />
presentation of outward Automated Direct Credits (ADC) items.<br />
Table 12: Banks in the Nigerian Banking Sector and Their Foreign Operations (2012)<br />
Bank<br />
Total Assets Foreign Locations<br />
(US$ billion)<br />
1 Access Bank 11.3 Burundi, Côte d’Ivoire, DRC, Gambia, Ghana, Rwanda,<br />
Sierra Leone, Zambia (London, UK, China)<br />
2 Diamond Bank 7.6 Benin, Côte d’Ivoire, Senegal, Togo (Dublin, Ireland)<br />
3 Fidelity Bank 5.9<br />
4 First Bank 20.6 DRC, Gambia, Ghana, Guinea, Sierra Leone (London, Paris)<br />
5 First City Monument Bank 3.9<br />
6 Skye Bank 6.9 Gambia, Ghana, Guinea, Sierra Leone<br />
7 Sterling Bank 3.7<br />
8 United Bank for Africa 14.7 Benin, Burkina Faso, Cameroon, Chad, DRC, Congo, Côte<br />
d’Ivoire, Gabon, Ghana, Guinea, Kenya, Liberia, Mali,<br />
Mozambique, Senegal, Sierra Leone, Uganda, Tanzania,<br />
Zambia (New York, London, Paris)<br />
9 Unity Bank 2.4<br />
10 Wema Bank 1.4<br />
100
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