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.[1]
Overview
Spring Bank was a large financial services provider in Nigeria. As of, the bank's total assets were estimated at US$1.31 billion (NGN:201.3 billion).[2] The stock of Spring Bank was listed on the Nigerian Stock Exchange, where it traded under the symbol: SPRINGBANK.[3]
History
Spring Bank was formed in December 2005 by the merger of six (6) Nigerian financial institutions, namely:
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).