HABIB BANK DANGLE N135BILLION ON BANK PHB
Bank PHB may not need to look far in its quest for core investor as Habib Bank as signed all necessary document to acquire the bank.
Habib Bank, which is one of the institutional share holders of Bank PHB, according to an insider, is set to increase its stake and take over the ailing bank. It was alleged that the process has reached an advanced stage with the paperwork that effectively makes senior executives of Bank PHB staff an ordinary staff in Habib Bank Limited.
Those who should know revealed that all the three parameters which are liquidity, capital adequacy and corporate governance that were used to assess the health of the banks have failed in Bank PHB.
It will be recalled that the former managing director of Bank PHB, Francis Atuche was sacked by the apex bank, Central Bank of Nigeria for N400billion unsecured loan to friends and relations contrary to laid down credit approval procedures in financial institutions.