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Sterling Bank ends talks on Keystone Bank acquisition, plans to issue bond

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Sterling Bank Plc has ended talks to buy Keystone Bank Limited after finding it an unsuitable fit and is now focused on raising funds as it considers other acquisitions, its Chief Finance Officer, Abubakar Suleiman, said on Tuesday according to Reuter’s report.

“We reviewed Keystone Bank and concluded the strategic fit was not strong enough. We will continue to evaluate all the options. As new candidates come into the market, we will also review them,” Suleiman, told Reuters by phone.

Sterling Bank said in February it was aiming to buy one or two mid-sized lenders as sharp falls in the value of the naira and increased regulatory pressure forced banks to recapitalise. Keystone Bank is the last of Nigeria’s nationalised lenders, which state-backed “bad bank” AMCON is seeking to sell.

Suleiman said Sterling’s strategic plan was still to acquire a rival in Nigeria but that any move was likely to come after studying the impact of last month’s 30 per cent fall in the value of the naira.

The central bank ditched its 16-month old peg of N197 to the dollar in June to allow the currency to trade freely, in an effort to resolve a chronic dollar shortage that has stifled economic growth.

However, dollar shortages remain as Nigeria suffers from a plunge in oil prices which has battered its currency and stoked inflation to an almost 11-year high. Analysts see the slowdown as catalyst for mergers.

Sterling has completed book building for a N35 billion bond sale, its first tranche of a debt programme, Suleiman said, but added that the bank will raise only 20 per cent of that amount to gauge appetite once it receives regulatory approval.

Bond yields in Nigeria are currently below inflation at 16.5 per cent in June. The most liquid 5-year government bond traded at a yield of 15.17 per cent on Tuesday.

“Once we see that the structure is acceptable and yields are moderate, we will complete series one this year. If the market remains turbulent, we will do it next year,” Suleiman said.

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11 thoughts on “Sterling Bank ends talks on Keystone Bank acquisition, plans to issue bond”

  • In society today there is a clear divide between fashions considered feminine and those considered masculine. However, is this a result of the fashion industry itself, or is the industry merely reflecting the changing attitudes of society as a whole? It is difficult to determine where the line between gender reproduction and gender construction stands in regards to fashion and dress, as it can be read in a number of ways. Fashion has been used in attempts to deconstruct gender stereotypes, as in some cases of cross dressing, but has also been used as a means of reinforcing them via items like the high heeled shoe. Fashion has been a part of western culture for centuries and as fashion has changed so too has its significations. The style of the garments we wear, their fabrics and colours, all carry signifiers of various aspects of our lives. In times past, fashion trends were set by the middle and upper classes, with the result that fashion became a signifier of social standing. For example during the Baroque period of the seventeenth century it was fashionable for both men and woman of the upper classes to wear garments decorated with large amounts of lace and ribbon (Stecker, 1996, p14). This gave men’s fashion a highly feminine appearance; however they were quite distinct from the lower classes which did not utilise such decoration. In the present day this class distinction has lessened and a gender distinction has become predominant. This division is established almost as soon as we are born. In western culture it is customary for male babies to wear blue and female babies to wear pink. earning a living) (Lurie, 1992, p214). In the adult world it is acceptable for women to wear blue, however men still rarely wear pink, and those who do are often accused of being effeminate and homosexual (Lurie, 1992, p214). One theory states that one of the first functions of clothing was to attract the opposite sex. By only revealing and highlighting specific parts of the body, much can be left to the imagination and thus sexual desire is increased (Lurie, 1992, p213). This is similar to Freud’s assertion that « visual impressions remain the most frequent pathway along which libidinal excitation is aroused » (Freud, 1977, p69). In order to be successful in attracting a member of the opposite sex the garments must therefore serve to distinguish men from women. On a basic level this can be seen in department stores where the women’s clothing section is distinct from the men’s. However the relationship between fashion and gender is significantly more complicated, with the definition of what gender actually is having a significant effect on how fashion could be seen to impact it.

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