Taking control

Standard Bank has bought control of Nigeria's IBTC Chartered Bank. Standard Bank had already bought a 33 percent stake in September last year and offered $400million for a further 17 percent in a tender offer which closed on Monday. Nigeria's banks have grown dramatically over the past 18 months since the end of a major consolidation process that saw 89 banks merge into 25 new groups. - Reuters

Standard Bank has bought control of Nigeria's IBTC Chartered Bank. Standard Bank had already bought a 33 percent stake in September last year and offered $400million for a further 17 percent in a tender offer which closed on Monday. Nigeria's banks have grown dramatically over the past 18 months since the end of a major consolidation process that saw 89 banks merge into 25 new groups. - Reuters

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