Commercial banks shut down 175 branches in 5 years- CBN

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CBN

By Kayode Tokede

The Central Bank of Nigeria (CBN) has said, commercial banks have shut down 175 branches between 2013 and 2017,

As at 2013, Banks’ Branch Network was at 5,625.0 but dropped to 5,450 in 2017.

The CBN in its 2017 annual report that was released on Thursday said,  it approved the establishment of two offshore subsidiaries in Mali and Mozambique in 2017.

“Diamond Bank Plc, however, divested from its subsidiaries in Benin, Cote d’Ivoire, Senegal and Togo; and Skye Bank Plc. divested from its subsidiaries in Sierra Leone, The Gambia and Guinea.

“Consequently, the number of foreign subsidiaries of Nigerian banks reduced to 55 in 2017, from 60 in 2016.

“Also, following the conversion of Access Bank representative office in Dubai to a Prudential-Investment, Insurance Intermediation and Banking (PIB) “category 4” branch (international branch of its UK subsidiary), the number of international branches of Nigerian banks increased to three, from two in 2016.

“Consequently, there were six representative offices of Nigerian banks at end-December 2017, compared with seven at end-December 2016.

“In the other financial institutions (OFIs) sub-sector, there were 4,870 licensed institutions at end-December 2017, compared with the 4,242 institutions in 2016.

“The increase was as a result of new OFIs (511 BDCs, 28 MFBs, 4 FCs and 1 DFI) licensed during the year.

“Also, one DFI in liquidation was delisted and 82 BDCs, which did not meet the deadline for recapitalisation in 2014, were reinstated to the functional group of BDCs, following their successful recapitalisation during the review year. The total number of OFIs comprised seven DFIs, 34 PMBs, 1,008 MFBs, 81 FCs and 3,740 BDCs.”

 

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