The central bank of Nigeria has taken steps to make sure that there is a minimum asset that banks must possess before they can be classified as either a microfinance bank or a regular bank.

Some banks were able to meet up while some others wentbankrupt.

AMCON was made to step in and acquire some of the banks that couldn’t meet up while some others like UBA got some form of miraculous aid that many will prefer to call intervention.

As the banks that were able to meet up with the demands of the CBN have grown stronger with time and improved internal policies, those banks absorbed by AMCON were being run under different names pending the time that individuals or companies interested to buy the banks came forward for purchase.

Spring bank was changed to Enterprise bank while Bank PHB, changed to Mainstreet bank

Intercontinental bank was purchased by Access bank whileEcobank bank took hold of oceanic bank.

The workers of the banks that were absorbed might have a bitter tale to tell although the news that went round was that no staff of a former bank will be laid off as a result of managerial changes.

Two of the banks being managed by AMCON have recently been purchased by fellow banks.

HERITAGE BANK has been reported to have acquiredEnterprise bank (then Spring Bank) while Skye Bank acquired Mainstreet bank (then Bank PHB).

The acquired banks have been promised that their staff will be retained although there might be reshuffling of roles.

Is it good news for Mainstreet and Enterprise banks?

I think what really matters is for the customers of the acquired banks to be provided with better services or at least a continuation of what they had.

Source –  UKADIKE IKECHUKWU for www.infomaniamag.com

visit www.infomaniamag.com for more stories

Follow on twitter: @infomaniamag