Three Months After Obtaining CBN’s Regional Banking License, Signature Bank Begins Operation
Three months after the Central Bank of Nigeria approved the request of Signature Bank for a Regional Banking license, the bank on Monday officially commenced operations.
The Bank which is being promoted by a former Managing Director of Diamond Bank Plc, Mr Alex Otti, got the Regional Banking license approval from the CBN in August this year.
Advertisement
Otti who is the current gubernatorial candidate of the Labour Party, officially commissioned the bank to commence operation at it’s office in Abuja.
With the approval of the CBN for a Regional Banking license, the bank is now set to actively play in Nigeria’s financial industry with the provision of fund to stimulate key sectors of the economy.
The CBN guidelines stipulated that a Commercial Bank with a Regional Banking authorization is entitled to carry on its banking business operations within a minimum of six and a maximum of 12 States of the Federation, which lies within not more than two geographical zones of the Federation as well as within the Federal Capital Territory.
