Sunday, 21 December 2008

Bank PHB acquires Spring Bank

Nigerian Bank PHB acquired Spring Bank following the fulfillment of all the conditions of its offer. The N21 billion bid was on the bac of its initial stake of 33 percent in Spring Bank which.

The takeover and the injection of management into Spring Bank plc, should arrest the latters decline. Bank PHB has delivered a far better return to shareholders in the last three years.

Renaissance Capital writes that Bank PHB’s acquisition of Spring Bank is not only a good deal for Bank PHB and Spring Bank’s shareholders but also for customers, regulators, and employees. The new bank will have an expanded distribution network and extended product offerings

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