Nigerian banks expanding into the rest of the continent or diversifying into other financial services will be better insulated from shocks than they were during the global financial crisis, according to Moody’s Investors Service.
Lenders including Access Bank Plc and Guaranty Trust Bank Plc are following peers FBN Holdings Plc and Stanbic IBTC Bank to transition to financial holding companies that will protect their local banking assets from other businesses. Access Bank plans to open a payments unit and increase its African footprint, while GTB is looking to establish subsidiaries in asset management. Survival Strategies Pushing Banks in Nigeria Away From Lending…
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