1.0 Good afternoon ladies and gentlemen.
4.0 As you may be aware, FBN is one of the systemically important banks in the Nigerian banking sector given its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, amongst others. By our last assessment, FBN has over 31m customers, with deposit base of N4.2trn, shareholders funds of N618bn and NIBSS instant payment processing capacity of 22% of the industry.
7.0 The CBN stepped in to stabilize the bank in its quest to maintain financial stability, especially given FBN’s systemic importance as enumerated earlier. Regulatory action taken by the CBN in this regard included: iii. Grant of concession to insider borrower to restructure their non-performing credit facilities under very stringent conditions
👇 👇 👇 There is therefore No cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant... Ire Ooo
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