Monday June 22, 01:44 AM
Nigeria open to foreign takeovers of banks: FT
LONDON (AFP) - The head of Nigeria's central bank, Lamido Sanusi, said he was prepared to break with a decades-old ban on foreign takeovers of its banks, in an interview with the Financial Times.
"What we have today is that the central bank is not likely to support a foreign bank owning more than 10 percent of a top tier Nigerian bank. That is something that in my view needs to be looked at again," Sanusi said.
He said the ban was not a legal requirement but policy of the previous leadership of the Central Bank (CBSU.PK - news) of Nigeria.
"If as governor of central bank I am okay to have a bank owned by nominees and I don?t know who owns them, why wouldn?t I be comfortable with a bank owned by Barclays (LSE: BARC.L - news) , or HSBC (LSE: HSBA.L - news) or China Construction Bank, who I know?" he added.
"For me it?s a no-brainer."
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