Banking News Summary: Local and International Headlines 130519

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Local Headlines

First Nation MD Provided Forged Document For N1.7bn Loan, Polaris Bank Tells Court.

A prosecution witness, Mr. Patrick Ogo, on Friday told an Ikeja Special Offences Court that Kayode Odukoya, Managing Director, First Nation Airways, secured a N1.7 billion loan from Skye Bank with a forged document. Source Daily Independence Read more

GTBank supports, grows 300 SMEs with food and drink fair

Since its commencement in 2016, the annual GTBank Food and drink fair has become the biggest culinary festival in the country, promoting, supporting and growing local foodpreneurs and shinning sport lights on Chefs, recipes and all thing food. Source Guardian newspaper Read more

A’Court Dismisses Bank PHB’s Suit against CBN for Sale of Licence, Assets

The Lagos Division of the Court of Appeal has dismissed an appeal filed by Bank PHB Plc (now Keystone Bank Limited) to challenge the sale of licence and assets by the Central Bank of Nigeria (CBN). Source This day Read more

Sterling Bank, African Alliance Insurance appoint CFO, non-executive directors

The board of Sterling Bank Plc has appointed Femi Jaiyeola as the chief compliance office of the bank. This appointment has been approved by the nation’s apex bank, the Central Bank of Nigeria (CBN). Source Business Day Read more

Despite Challenges, Top Banks Sustain Profitability

The economy may be challenging for businesses to thrive, but the banks seem to have mastered the art of profit-making even in difficult times. Most banks recorded appreciable growth in net profit at the end of 2018 but 10 of them are outstanding. Source This Day Read more

POS operator sues UPSL, CBN, banks over N2.6m non-remittant profit

An operator of Point of Sale (POS) machines under the business registered name ‘Twistwell Multiventures’, Mr Joseph Okodua, has charged a payment system service provider in Nigeria, Unified Payment Services Limited (UPSL), to court for non-remittance of N2.6m. Source Daily Sun Read more

(Eyes on power) UBA @ 70: Can the Global Bank become national leader?

Last week UBA Plc, the Global Bank, rolled out the drums to mark its 70th anniversary. The celebration is well deserved and we rejoice with them. Attaining 70 years in Nigeria is a feat for both human and business organizations. Source Business Hallmark Read more

Interview: 81.5 % of our transactions are digital, says Fidelity Bank MD

Fidelity Bank has not only demonstrated its capacity and strength grow in an unstable macro-economic environment, but also a lender with ambition to push into the tier one banks’ club given its consistent performance. Source Business Hallmark Read more

Probe Panel Recovers Over $10m From Heritage Bank

The Special Presidential Investigation Panel For The Recovery Of Public Property (SPIP) has netted in the sums of one billion, three hundred and sixty million, seven hundred and thirty six thousand, eight hundred and sixty five Naira, Source Daily Independence Read more

International Headlines

No branch, no problem, Citibank bets big on Digital Banking.

Now the bank’s executives are convinced that many U.S. consumers are finally ready to leave the branch behind and fully embrace digital banking. Citigroup added roughly $1 billion in digital deposits in the first quarter, more than all of last year. Source The Wall Street Journal Read more

Banking culture since the crisis

How has banking culture changed since the global financial crisis and what areas still need work? Alphaville talked with three experts who posed that question in a recent report put out by the Group of Thirty consultants. Source The Financial Times Read more

THE MONETIZATION OF OPEN BANKING: How legacy institutions can use open banking to develop new revenue streams, reach more customers, and avoid losing outta neobanks and Fintechs. Source Business Insider Read more

UK Banking reputation report 2019, Featuring HSBC, Barclays, Royal Bank of Scotland and more

The banking industry still suffers from reputational damage as a legacy of past (and some on-going) scandals. Consumers generally have a less positive view of the industry than they have of individual bank brands and the individual banks they use. Source Yahoo Finance Read more

Sandals, AOC proposed letting Postal Services provides basic banking services.

They also propose giving the U.S. postal service the ability to conduct basic banking services, allowing people to cash paychecks, transfer money electronically, and pay bills. Source CNS News Read more

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