Equitorial Trust Bank Plc. (ETB), commonly referred to as Equitorial Bank, was a
commercial bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit.
It can also refer to a bank, or a division of a large bank, which deals with cor ...
in
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
. It was one of the twenty-six (26) commercial banks licensed by the
Central Bank of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959.
The major regulatory objectives of the bank as stated in the CBN Act are ...
(CBN), the country's banking regulator, in early 2011 before a merger with Sterling Bank.
Overview
ETB is a large financial services provider in
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
. , the bank maintained about one hundred (100) retail branches in various urban centers in the country.
History
The bank was established in January 1990, as a limited liability company. In February the same year, it was granted a commercial banking license and in March 1990, it commenced banking operations. In 2006, ETB successfully merged with the former Devcom Bank. The bank is a national bank, which has most of its retail outlets located in
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
's major urban centers.
In 2009, in an audit by the Central Bank of Nigeria, ETB was found to be under-capitalized and unsatisfactorily managed. Subsequent to those discoveries, CBN directed ETB to reduce company staff numbers to maintain profitability. 150 staff members, representing about 15% of the bank's work force were fired in March 2010. ETB was also added to a list of nine (9) Nigerian commercial banks that required the injection of new capital by the Asset Management Company of Nigeria (AMCON), a federal government agency.
ETB was taken over by Sterling bank in a deal that was sealed on 11 August 2011.
Ownership
Prior to 2009, the shares of
stock
In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...
of the bank were privately owned.
However, due to the intervention of the CBN and AMCON in 2009, a significant percentage of shareholding in ETB is owned by the
Federal Government of Nigeria.
External links
Website of Equatorial Trust Bank Website of Central Bank of Nigeria
See also
* List of banks in Nigeria
This is a list of commercial banks with International Authorization in Nigeria, arranged alphabetically:
# Access Bank Plc
# Fidelity Bank Plc
# First City Monument Bank Limited
# First Bank of Nigeria Limited
# Guaranty Trust Holding Company ...
* Central Bank of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959.
The major regulatory objectives of the bank as stated in the CBN Act are ...
* Economy of Nigeria
The Economy of Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the 27th-largest economy in the world in term ...
References
{{reflist, 2
Defunct banks of Nigeria
Companies based in Lagos
Banks established in 1990
Victoria Island, Lagos
1990 establishments in Nigeria