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Expect More M & A Activity in the Banking Sector – Renaissance Capital

By on May 17, 2012

Yvonne Ike, CEO of Renaissance Capital West Africa,  has said Nigerians should be on the look out for more consolidation in the banking industry within the next 24 months.

She made this disclosure at the 3rd Annual Pan-African Investor Conference hosted by the Investment Bank in Lagos. The event was attended by private and public sector luminaries from across sub-Saharan Africa, America and Europe.

Speaking on the banking consolidation, the CEO said, “If you think about the incredible work that the CBN has done to clean up the financial sector and to really prepare it for growth, we anticipate more consolidation, we anticipate banks having to be bigger and better to cope with the growth potentials and opportunities that presents themselves.

“We see the banking sector consolidating over the next 24 months. We think it is healthy for it to happen and the biggest driver of this is growth. So, to meet the growth demands in the banking sector, banks need to be more efficient, they need to be run better.”