| Company type | Public: NSE: SPRINGBANK |
|---|---|
| Industry | Financial services |
| Founded | 2004 |
| Defunct | 2011 |
| Fate | Insolvency |
| Successor | Enterprise Bank Limited |
| Headquarters | 143 Ahmadu Bello Way Victoria Island, Lagos, Nigeria |
Key people | Bernadina Sola Ayodele Chairman Suzanne Iroche, Group Managing Director & CEO |
| Products | Loans, Checking, Savings, Investments, Debit Cards, Credit Cards |
| Website | Homepage |
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]
Spring Bank was a large financial services provider in Nigeria. As of June 2010 [update] , 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]
Spring Bank was formed in December 2005 by the merger of six (6) Nigerian financial institutions, namely:
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]
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by taking over the assets and some of the liabilities of the now defunct Spring Bank, whose commercial banking license was revoked.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Court of Nigeria, in Lagos ordered that the affairs of the defunct Spring Bank Plc be wound up, since its license had been revoked.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]
Following the intervention of the Central Bank of Nigeria in 2009, Bernadina Sola Ayodele was appointed Group Managing Director and Chief Executive Officer. [6]
Zenith Bank Plc is a large financial service provider in Nigeria and Anglophone West Africa, headquartered in Victoria Island, Lagos. It is licensed as a commercial bank by the Central Bank of Nigeria, the national banking regulator.
Access Bank Plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator.
Afribank Nigeria PLC was a commercial banking, real estate and insurance broker based in Lagos, Nigeria. It was established by French investors in 1959 under the name Banque Internationale pour l'Afrique Occidentale (BAIO). As at 2010, the bank operated over 250 branches across Nigeria, and was one of the region's "Big Four" banks. Afribank used the Temenos Globus banking application in its branches.
Bank PHB, formerly known as Platinum Habib Bank, was a commercial bank in Nigeria. The bank was the fifth largest financial services provider in Nigeria. The bank's assets were valued in excess of US$6 billion.
Bank PHB Group, also known as Platinum Habib Bank Group, was a financial services organization in West Africa and East Africa. The Group's headquarters was located on Victoria Island in Lagos, Nigeria, with subsidiaries in Nigeria, the Gambia, Liberia, Sierra Leone and Uganda. Bank PHB Group was one of the largest financial services organizations in Africa, with an estimated asset base in excess of US$3.6 billion, as of December 2009.
Unity Bank, also known as Unity Bank plc, is a commercial bank in Nigeria.
Polaris Bank Limited is a commercial bank based in Nigeria. It is licensed by the Central Bank of Nigeria, the country's banking regulator. In October 2022, the bank was acquired by Strategic Capital Investment Limited.
Wema Bank Plc, commonly known as Wema Bank, is a Nigerian commercial bank. It is licensed by the Central Bank of Nigeria; the regulator of the nation's banking sector. As of 2019, Wema bank operates the largest digital banking system in Nigeria, ALAT By Wema, which is fully in use in all of the nation's thirty six states and federal capital territory.
Bank M was a commercial bank in Tanzania. It was licensed by the Bank of Tanzania, the country's central bank and national banking regulator, to engage in commercial banking.
Equitorial Trust Bank Plc. (ETB), commonly referred to as Equitorial Bank, was a commercial bank in Nigeria. It was one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria (CBN), the country's banking regulator, in early 2011 before a merger with Sterling Bank.
Intercontinental Bank, commonly referred to Intercontinental, was a Nigerian commercial bank that operated from 1989 until it was acquired by Access Bank plc in 2013. Prior to its acquisition, Intercontinental Bank was one of the twenty-four commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator.
Fidelity Bank, also known as Fidelity Bank Plc., is a commercial bank in Nigeria headquartered in Victoria Island, Lagos. It is licensed as a commercial bank with international authorization, by the Central Bank of Nigeria (CBN), the central bank and national banking regulator.
Ecobank Nigeria Limited, commonly referred to as Ecobank Nigeria, is a commercial bank in Nigeria. It is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator.
Enterprise Bank Limited (EBL), also known as Enterprise Bank, was a commercial bank in Nigeria. It was licensed as a commercial bank by the Central Bank of Nigeria, the country's banking regulator.
Keystone Bank Limited, is a commercial bank in Nigeria. The bank is one of the commercial banks licensed by the Central Bank of Nigeria, the national banking regulator.
Mainstreet Bank Limited (MBL), also referred to as Mainstreet Bank, was a commercial bank in Nigeria. It was acquired by Skye Bank Plc in 2014.
Jaiz Bank Plc, is a bank in Nigeria operating under Islamic banking principles and is a non-interest bank. It is the first non-interest bank established in Nigeria and is headquartered in Abuja, the capital city of the country.
Heritage Bank Plc., usually called Heritage Bank, was a financial services institution. It was one of the commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator, with a national operating license, that offered retail banking, corporate banking, online/internet banking, investment banking and asset management services; its head office was at 143, Ahmadu Bello way, Victoria Island, Lagos, Lagos State, Nigeria. It's banking license was revoked on Monday, June 3rd 2024.
Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in Banking, Stock Brokerage, Investment Advisory, Asset Management, Investor Services, Pension Management, TrusteesInsurance Brokerage and life Insurance businesses. The company's newly opened corporate headquarters, Stanbic IBTC Towers, is situated at Walter Carrington Crescent, Victoria Island, Lagos. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa. Standard Bank is Africa's largest banking group ranked by assets and earnings, operations in 20 African countries and 13 countries outside Africa.
SunTrust Bank Nigeria Limited (STBNL), is a Nigerian financial services provider, licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator.
1. List of Closed Banks in Nigeria
