Two Global Banking Giants HSBC, UBS, Quit Banking Operations IN Nigeria
The Central Bank of Nigeria (CBN) had on Friday given notice that Global banking giant, HSBC and UBS, a Swiss private bank, have closed their representative offices in Nigeria.
The CBN had disclosed that the banks had closed shops on Friday, noting that foreign direct investment FDI in Nigeria had fallen to N379.84 billion in the first six months of 2018, compared to N532.63 billion recorded in 2017.
In its response, the presidency requested that the bank return Nigerian stolen assets allegedly hidden in its coffers.
However, in its projections for the second half of the year, higher oil prices and production would serve as gains but rising foreign debt and uncertainty surrounding the 2019 general election would be a drawback.
The CBN also said three lenders — whose identity were not disclosed — failed to meet their minimum liquidity ratio of 30 percent.
It added that non-performing loans dropped from 15 percent in 2017 to 12.4 percent as of June 2018, adding that this was still a long way above its five percent threshold.