http://debianws.lexgopc.com/wiki143/index.php?action=history&feed=atom&title=Spring_BankSpring Bank - Revision history2026-05-09T21:16:34ZRevision history for this page on the wikiMediaWiki 1.43.1http://debianws.lexgopc.com/wiki143/index.php?title=Spring_Bank&diff=7139291&oldid=previmported>Rsjaffe: clean up, typo(s) fixed: estimated at about → estimated at (2)2024-06-27T00:17:31Z<p>clean up, <a href="/wiki143/index.php?title=WP:AWB/T&action=edit&redlink=1" class="new" title="WP:AWB/T (page does not exist)">typo(s) fixed</a>: estimated at about → estimated at (2)</p>
<p><b>New page</b></p><div>{{Short description|Nigerian commercial bank}}<br />
{{About|the Nigerian bank|the historic plantation house in Lunenburg County, Virginia|Spring Bank (Lunenburg Courthouse, Virginia)|Spring Bank Farm|Spring Bank Farm}}<br />
{{Infobox company |<br />
name = Spring Bank Plc.|<br />
logo = |<br />
type = [[Public company|Public]]: [[Nigerian Stock Exchange|NSE]]: '''SPRINGBANK''' |<br />
foundation = 2004 |<br />
location = 143 Ahmadu Bello Way <br/>[[Victoria Island (Nigeria)|Victoria Island]], [[Lagos]], [[Nigeria]] |<br />
key_people = Bernadina Sola Ayodele<br/>[[Managing Director|Chairman]] <br/> Suzanne Iroche, [[Managing Director|Group Managing Director]] & [[CEO]] |<br />
num_employees = |<br />
assets = |<br />
revenue = |<br />
industry = [[Financial services]]|<br />
products = [[Loans]], [[cheque|Checking]], [[Savings]], [[Investments]], [[Debit Cards]], [[Credit Cards]] |<br />
homepage = [http://www.springbankplc.com/ Homepage] |<br />
defunct = 2011 |<br />
successor = [[Enterprise Bank Limited]]|fate = [[Insolvency]] |<br />
}}<br />
<br />
'''Spring Bank Plc.''', also referred to as '''Spring Bank''', was a [[commercial bank]] in [[Nigeria]]. It was one of the twenty-six (26) commercial banks licensed by the [[Central Bank of Nigeria]], the country's banking regulator at the time.<ref>{{Cite web|url=http://www.cenbank.org/Supervision/finstitutions.asp|title=Central Bank of Nigeria:: All Financial Institutions|website=www.cenbank.org|language=en|access-date=2017-08-29}}</ref><br />
<br />
==Overview==<br />
Spring Bank was a large financial services provider in [[Nigeria]]. {{as of|June 2010}}, the bank's total assets were estimated at US$1.31 billion (NGN:201.3 billion).<ref>[http://www.nigeriamusicmovement.com/index.php/nigerian-bank-nigeria-spring-bank-plc-spring-bank-posts-n2-35b-second-quarter-pbt Estimated Total Assets In June 2010]</ref> The [[stock]] of Spring Bank was listed on the [[Nigerian Stock Exchange]], where it traded under the symbol: '''SPRINGBANK'''.<ref>{{Cite web|url=https://www.google.com/finance?q=NIG:SPRINGBANK|archive-url=https://web.archive.org/web/20160407104214/http://www.google.com/finance?q=NIG:SPRINGBANK|url-status=dead|archive-date=April 7, 2016|title=NIG:SPRINGBANK - Google Finance Search|website=www.google.com|access-date=2017-08-29}}</ref><br />
<br />
==History==<br />
Spring Bank was formed in December 2005 by the merger of six (6) [[Nigeria]]n financial institutions, namely:<br />
<br />
# ACB International Bank Plc.<br />
# Citizens International Bank Plc.<br />
# Fountain Trust Bank Plc.<br />
# Guardian Express Bank Plc.<br />
# Omega Bank Plc.<br />
# Trans International Bank Plc.<br />
At the time it was formed, Spring Bank had a capital base of approximately US$224 million (NGN:34.5 billion) with total assets estimated at US$988 million (NGN:152 billion).<br />
<ref>[http://www.banksinnigeria.org/spring-bank.htm History of Spring Bank Plc.]</ref><br />
<br />
==Failure and liquidation==<br />
In 2009, following an industry-wide audit of all commercial banks in the country, the [[Central Bank of Nigeria]] (CBN), the banking regulator in the country, found nine commercial banks under-capitalized and badly managed. Spring Bank was one of the troubled banks. The CBN intervened by injecting new capital to maintain solvency and appointing new management. On 5 August 2011 the CBN revoked the banking license of Spring Bank.<br />
<br />
Enterprise Bank was formed in August 2011 by taking over the assets and some of the liabilities of the now defunct Spring Bank, whose commercial banking license was revoked. EBL was issued a commercial banking license on 5 August 2011. As of January 2012, the assets of [[Enterprise Bank Limited]] are 100% owned by '''Asset Management Company of Nigeria''' (AMCON), an arm of the [[Federal Government of Nigeria]]. In July 2012, the Federal High Court of Nigeria, in [[Lagos]] ordered that the affairs of the defunct Spring Bank Plc be wound up, since its license had been revoked.<ref>{{Cite news|url=http://allafrica.com/stories/201207090825.html|title=Nigeria: Court Winds Up Afribank, Spring Bank|last=Iriekpen|first=Davidson|date=2012-07-09|work=This Day (Lagos)|access-date=2017-08-29}}</ref><br />
<br />
==Governance==<br />
Following the intervention of the [[Central Bank of Nigeria]] in 2009, '''Bernadina Sola Ayodele''' was appointed [[Managing Director|Group Managing Director]] and [[Chief Executive Officer]].<ref>{{Cite web|url=http://www.springbankplc.com/general/ourpeople.php?c=5&cname=Board%20of%20Directors&page=listing|title=Loading...|website=www.springbankplc.com|access-date=2017-08-29}}</ref><br />
<br />
==External links==<br />
*[http://www.cenbank.org/ Website of Central Bank of Nigeria]<br />
<br />
==See also==<br />
{{Portal|Banks}}<br />
* [[List of banks in Nigeria]]<br />
* [[Central Bank of Nigeria]]<br />
* [[Economy of Nigeria]]<br />
<br />
==References==<br />
1. [http://innigeria.com.ng/complete-list-of-closed-banks-in-nigeria-updated-2016/ List of Closed Banks in Nigeria]{{reflist}}<br />
<br />
[[Category:Defunct banks of Nigeria]]<br />
[[Category:Defunct companies based in Lagos]]<br />
[[Category:Banks established in 2005]]<br />
[[Category:Banks disestablished in 2011]]<br />
[[Category:2011 disestablishments in Nigeria]]<br />
[[Category:Nigerian companies established in 2005]]</div>imported>Rsjaffe