CBN to phase out universal banking by September 2011

•Prudential Guidelines now to be reviewed every five years The Central Bank of Nigeria (CBN) will in the next 18 months phase-out the universal banking model which allows deposit money banks combine commercial banking and investment banking, enabling them offer a wide range of financial services. With the adoption of the new model, each deposit money bank would be required to recapitalize according to its new business model and will be further issued a separate and specific license to guide ...

Added: 5 months ago (March 15, 2010 @ 08:23PM)
Source: Businessday Nigeria