Equitorial Trust Bank Plc. (ETB), commonly referred to as Equitorial Bank, was a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

Nigeria Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...

. It was one of the twenty-six (26) commercial banks licensed by the

Central Bank of Nigeria The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are t ...

(CBN), the country's banking regulator, in early 2011 before a merger with Sterling Bank.

Overview

ETB is a large financial services provider in

. , the bank maintained about one hundred (100) retail branches in various urban centers in the country.

History

The bank was established in January 1990, as a

limited liability company A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of ...

. In February the same year, it was granted a commercial

banking license In most legal jurisdictions, a financial institution is required to obtain a banking licence before it is legally permitted to carry on a banking business. Besides other requirements, such a business is not permitted to contain in its name words ...

and in March 1990, it commenced banking operations. In 2006, ETB successfully merged with the former Devcom Bank. The bank is a national bank, which has most of its retail outlets located in

's major urban centers. In 2009, in an audit by the Central Bank of Nigeria, ETB was found to be under-capitalized and unsatisfactorily managed. Subsequent to those discoveries, CBN directed ETB to reduce company staff numbers to maintain profitability. 150 staff members, representing about 15% of the bank's work force were fired in March 2010. ETB was also added to a list of nine (9) Nigerian commercial banks that required the injection of new capital by the Asset Management Company of Nigeria (AMCON), a federal government agency. ETB was taken over by Sterling bank in a deal that was sealed on 11 August 2011.

Ownership

Prior to 2009, the shares of

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

of the bank were privately owned. However, due to the intervention of the CBN and AMCON in 2009, a significant percentage of shareholding in ETB is owned by the

Federal Government of Nigeria The federal government of Nigeria is composed of three distinct branches: the executive, the legislative, and the judicial, whose powers are vested and bestowed upon by the Constitution of the Federal Republic of Nigeria. One of the primary f ...

External links

Website of Equatorial Trust Bank Website of Central Bank of Nigeria

References

{{reflist, 2 Defunct banks of Nigeria Companies based in Lagos Banks established in 1990 Victoria Island, Lagos 1990 establishments in Nigeria

Overview

History

Ownership

External links

See also

References