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CBN Extends Credit Guarantee for 3 Banks

By on July 18, 2011

Nigeria’s central bank extended its inter-bank credit guarantee for three bailed out banks until the end of December, according to its notice published today in Lagos-based Punch newspaper.

The guarantees for Intercontinental Bank Plc, Union Bank Plc and Finbank Plc were extended after the lenders signed transaction agreements with new investors, the Central Bank of Nigeria said in the notice. Other bailed out banks are making progress towards meeting the end of September deadline for their recapilization, it added.

Bloomberg