Banking Industry: CIBN says sector remains stable

President of the chartered institute of bankers of Nigeria, Uche Olowu says the Nigerian banking sector remains very stable.

He was speaking at the general meeting of the institute where he assured depositors of the safety of their funds in the financial system.

The banking sector saw various activities in Nigeria with the merger and acquisitions plan by Access-Diamond Bank as well as the establishment of a bridge bank, Polaris Bank to take over failed Skye Bank Plc.

Two foreign banks, HSBC and UBS, also exited the banking space bringing the number of foreign banks to eight (8) at end-June 2018.

Issues around the importance of technology innovations in the banking industry, the positive impact on the system was also highlighted at this gathering.

CIBN says continuous collaboration with financial institutions operating in the country is key to promote capacity building, ethics and professionalism in the sector.

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