CBN Extends Interbank Guarantee To Oceanic Bank

The Central Bank of Nigeria (CBN) on Tuesday announced its extension of interbank guarantee given to Oceanic Bank to Dec. 31. This was contained in a statement issued by Mohammed Abdullahi, Head, Corporate Communication, and made available to newsmen in Lagos.

“This followed the successful signing of Transactions Implementation Agreement (TIA) between Ecobank Trans-national  Inc   (ETI) and Oceanic Bank Plc.                  “The extension is on the same conditions as stated in the CBN circular dated July 13, 2009 entitled: “Guarantee for Interbank Placements and Placements with banks by Pension Fund Administrators,” the statement said.

The bank recalled that the same approval was granted to Union Bank Plc, Intercontinental Bank and Finbank Plc after signing their individual TIAs with investors and merger and acquisition partners in July.

“The signing of these legally binding TIAs for these four banks has resolved the recapitalisation of close to 75 per cent of the combined negative asset value of the eight CBN intervened banks. “The recapitalisation of all the eight banks is on course to be completed before the Sept. 30,’’ the apex bank said.