In Nigeria Sterling Bank eyes acquisitions

The bank expected a further 20 percent devaluation in the naira, eroding capital ratios for several of Sterling's rivals exposed to foreign currency assets and potentially triggering mergers.

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Yemi Adeola play

Sterling Bank boss, Yemi Adeola

(patriot news)
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Nigeria's Sterling Bank is aiming to buy one or two mid-sized commercial lenders as sharp falls in the value of the naira and increased regulatory pressure are forcing banks to recapitalize, its chief financial officer said on Friday.

Abubakar Suleiman also told Reuters the bank expected a further 20 percent devaluation in the naira, eroding capital ratios for several of Sterling's rivals exposed to foreign currency assets and potentially triggering mergers.

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