Citibank plans Eurobonds for Nigerian banks

Apr 20, 2012

Citibank wants to issue Eurobonds for Nigerian banks, the financial institution's Country Officer Emeka Emuwa has revealed.

Speaking to the Reuters Africa Investment Summit, he explained the nation's banks have stabilised following financial crises in 2009 and 2011.

Now, they want to issue bonds to encourage growth and offer more support to businesses in Africa's second largest economy.

"We will be working with a number of banks raising capital in international markets ... primarily Eurobonds," Mr Emuwa explained.

The financial crisis led to the $4 billion (€3 billion) bailout of nine Nigerian lenders in 2009 before several mergers took place two years later.

In 2011, Afrinvest noted the completion of merger agreements between financial institutions would push the combined market share of the country's five biggest banks to 57.6 percent from its previous total of 51.2 percent, the Moment reported.

Citibank currently operates in 16 African countries and wants to increase its presence on the continent, Mr Emuwa added.ADNFCR-2976-ID-801345277-ADNFCR