Nigeria c.bank hires advisers for troubled banks
ABUJA, Nov 13 (Reuters) - Nigeria's central bank said on Friday it hired advisers from Deutsche Bank (DBKGn.DE), Standard Bank and five other firms to help stabilise financial institutions recently rescued in a government bailout.
The regulator over the past three months has injected $4 billion into the banking sector and replaced top executives after a special audit found nine of Nigeria's 24 banks were so weakly capitalized that they posed a systemic risk.
The advisers, which also include accounting firms KPMG and Deloitte's Nigeria unit, are expected to work with the banks' new management to explore "all options for securing their stability and long-term future growth."
"The CBN wishes to restate its determination at ensuring the stability of the banking sector within the shortest time possible," the regulator said in a statement.
The central bank has said the rescued banks will be run as going concerns until new investors can be found to recapitalise them.
Central Bank Governor Lamido Sanusi said in August his preferred option would be for other financial institutions to buy Afribank (AFRB.LG), Finbank (FIBP.LG), Intercontinental Bank (INBK.LG), Oceanic Bank (OCBK.LG), Union Bank (UBNP.LG), Bank PHB (BPHB.LG), Equitorial Trust Bank, Spring Bank (SPRN.LG) and Wema Bank (WEMA.LG). (Reporting by Randy Fabi; Editing by Kenneth Barry)
