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India’s ICICI Bank denies acquisition talks with Spring Bank

By Babajide Komolafe & Innocent  Anaba, with agency reports

India’s ICICI Bank has said it is not having acquision discussions with Spring Bank, denying a statement made a day earlier by the bank.

Meanwhile share-holders of two of the eight recued banks have appealed against court decisions which supported the sale of the banks by the Central Bank of Nigeri (CBN).

“ICICI Bank is not in discussions with Spring Bank for any invest-ment,” a spokesman for the Indian bank said.

Vanguard investigatiion however revel that ICICI has mandated Stanbic IBTC to open acquisition discuss with Spring Bank on its behalf. a document to this effect show that the is interested in establishing presence in Nigeria throuh Spring Bank

Spring Bank said in a statement on Tuesday it was in recapitalisation talks with several possible investors including ICICI and U.S.-based private equity firm Cloudleap Partners.

Spring Bank is one of the eight resecued banks under CBN appointed managers.

Meanwhile, some shareholders of Bank PHB have asked the Court of Appeal, Lagos, to restrain the bank, its current management and CBN from going ahead with the sale of the bank to Habib Bank Limited of Pakistan, pending an appeal they filed, challenging a ruling of a Federal High Court, Lagos in the matter.

The shareholders, through their counsel, Onyebuchi Aniakor, dissatisfied with lower court decision, want the appellate court to stop the defendants, jointly and severally whether by themselves or through their agents, servants, officials from taking steps to dispose off in any manner whatsoever, Bank PHB’s investments and other assets including but not limited to its business, operations and affairs to Habib Bank Limited, Pakistan, or any other in any manner whatsoever altering the share-holding structure of the bank in favour of Habib Bank, Pakistan, pending the hearing and final determination of their appeal.

Similarly, some share-holders of Union Bank of Nigeria Plc, have also prayed the appellate court to restrain the CBN appointed management of the bank, whether by itself, or through its agents, servants or privies from disposing off or selling in any manner whatsoever, any of the bank’s investments and other assets including but not limited to its business, operations and affairs, howsoever, pending the hearing and determi-nation of the appeal they brought, challenging the May 19, 2011 ruling of a Federal High Court, Lagos, which struck-out their suit, challenging plans to sale the assets of the bank.


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