Spring Bank

This article is about the Nigerian bank. For the historic plantation house in Lunenburg County, Virginia, see Spring Bank (Lunenburg Courthouse, Virginia). For Spring Bank Farm, see Spring Bank Farm.
Spring Bank Plc.
Company typePublic: NSE: SPRINGBANK
IndustryFinancial services
Founded2004
Defunct2011
FateInsolvency
SuccessorEnterprise Bank Limited
Headquarters143 Ahmadu Bello Way
Victoria Island, Lagos, Nigeria
Key people
Bernadina Sola Ayodele
Chairman
Suzanne Iroche, Group Managing Director & CEO
ProductsLoans, Checking, Savings, Investments, Debit Cards, Credit Cards
WebsiteHomepage

Spring Bank Plc., also referred to as Spring Bank, was a commercial bank in Nigeria. It was one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator at the time.[1]

Overview

Spring Bank was a large financial services provider in Nigeria. As of June 2010, the bank's total assets were estimated at US$1.31 billion (NGN:201.3 billion).[2] The stock of Spring Bank was listed on the Nigerian Stock Exchange, where it traded under the symbol: SPRINGBANK.[3]

History

Spring Bank was formed in December 2005 by the merger of six (6) Nigerian financial institutions, namely:

  1. ACB International Bank Plc.
  2. Citizens International Bank Plc.
  3. Fountain Trust Bank Plc.
  4. Guardian Express Bank Plc.
  5. Omega Bank Plc.
  6. Trans International Bank Plc.

At the time it was formed, Spring Bank had a capital base of approximately US$224 million (NGN:34.5 billion) with total assets estimated at US$988 million (NGN:152 billion). [4]

Failure and liquidation

In 2009, following an industry-wide audit of all commercial banks in the country, the Central Bank of Nigeria (CBN), the banking regulator in the country, found nine commercial banks under-capitalized and badly managed. Spring Bank was one of the troubled banks. The CBN intervened by injecting new capital to maintain solvency and appointing new management. On 5 August 2011 the CBN revoked the banking license of Spring Bank.

Enterprise Bank was formed in August 2011 by taking over the assets and some of the liabilities of the now defunct Spring Bank, whose commercial banking license was revoked. EBL was issued a commercial banking license on 5 August 2011. As of January 2012, the assets of Enterprise Bank Limited are 100% owned by Asset Management Company of Nigeria (AMCON), an arm of the Federal Government of Nigeria. In July 2012, the Federal High Court of Nigeria, in Lagos ordered that the affairs of the defunct Spring Bank Plc be wound up, since its license had been revoked.[5]

Governance

Following the intervention of the Central Bank of Nigeria in 2009, Bernadina Sola Ayodele was appointed Group Managing Director and Chief Executive Officer.[6]

See also

References

1. List of Closed Banks in Nigeria

  1. ^ "Central Bank of Nigeria:: All Financial Institutions". www.cenbank.org. Retrieved 2017-08-29.
  2. ^ Estimated Total Assets In June 2010
  3. ^ "NIG:SPRINGBANK - Google Finance Search". www.google.com. Archived from the original on April 7, 2016. Retrieved 2017-08-29.
  4. ^ History of Spring Bank Plc.
  5. ^ Iriekpen, Davidson (2012-07-09). "Nigeria: Court Winds Up Afribank, Spring Bank". This Day (Lagos). Retrieved 2017-08-29.
  6. ^ "Loading..." www.springbankplc.com. Retrieved 2017-08-29.