February 12, 2016 / 2:29 PM / 2 years ago

Nigeria's Sterling Bank eyes acquistions

LAGOS, Feb 12 (Reuters) - Nigeria’s Sterling Bank is aiming to buy one or two mid-sized commercial lenders as sharp falls in the value of the naira and increased regulatory pressure are forcing banks to recapitalize, its chief financial officer said on Friday.

Abubakar Suleiman also told Reuters the bank expected a further 20 percent devaluation in the naira, eroding capital ratios for several of Sterling’s rivals exposed to foreign currency assets and potentally triggering mergers. (Reporting by Chijioke Ohuocha; Editing by Ulf Laessing and Mark Potter)

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