Central Bank of Nigeria, CBN, has granted a regional banking license to Suntrust Bank Nigeria Limited.
This development increases the number of commercial banks in the country to 23, and also represents the first fresh banking license issued by the CBN since 2001.
Confirming this in a press release, Managing Director/Chief Executive, SunTrust Bank Nigeria Limited, Mr. Muhammad Jibrin Barde, said: “SunTrust Bank will be formally presented to the public during the second quarter of 2016. Having met the very stringent conditions set by the Central Bank of Nigeria, CBN, I am excited to announce that the CBN granted its final approval to SunTrust Bank Nigeria Limited to operate as a Commercial Bank with Regional Authorisation on September 17, 2015, 1 year 2 months after application.
“This is indeed a remarkable feat as ours is the only fresh license to be issued by the CBN since 2001. Our journey as a bank since 2009 details the courageous decisions and heroic self-sacrifice of all the people that made SunTrust assent possible. In the years to come, the developments at SunTrust should have far-reaching influence in the banking sector specifically and our nation generally.”