Suntrust Bank and ProvidusBank to commerce operation in Nigeria

By Niyi Olaoye

The Central Bank of Nigeria (CBN) has licensed Suntrust Bank Nigeria limited and ProvidusBank Plc to commence operation in Nigeria as regional banks.

With the two new banks, located in Victoria Island, Lagos, the financial service industry now has 21 commercial banking licences, one non-interest banking licence, four merchant banks and three financial holding companies

Speaking with one of the CBN’s official this morning, he noted that the apex bank’s breakdown of the list of deposit money banks and financial holding companies operating in Nigeria as at June 21, 2016 has now reached 10 banks for the commercial banking license with international authorization.

They include Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, First City Monument Bank Plc, First Bank Nigeria Limited, Guaranty Trust Bank Plc, Skye Bank Plc, Union Bank Of Nigeria Plc, United Bank Of Africa Plc, and Zenith Bank Plc.

Others are commercial banking license with national authorization including, Citibank Nigeria Limited, Ecobank Nigeria Plc, Heritage Bank Limited, Keystone Bank Limited, Stanbic IBTC Bank Plc, Standard Chartered Bank Limited, Sterling Bank Plc, Unity Bank Plc and Wema Bank Plc.