Signature Bank in Nigeria Denies Affiliation to Collapsed U.S. Bank
- Signature Bank in Nigeria has denied ties with any bank outside the country
- The bank said it has no partners or affiliations with any known bank
- The development is a result of the collapse, on Sunday, of a U.S. bank with a similar name
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Nigerian-based Signature Bank Limited has said it has no association with the collapsed New York-based Signature bank shut down recently by regulators in the U.S.
In a statement on Monday, March 13, 2o23, the bank clarified that it has no connection with any bank outside the country.
Source: UGC
We are different
The bank said:
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“The attention of the Bank has been drawn to recent news surrounding the closure of Signature Bank, New York, by U.S. financial regulators on Sunday, March 12, 2023,” the statement reads.
“For clarity, we wish to inform the General Public that Signature Bank Limited has no affiliation, relationship, or connection (business or otherwise) with Signature Bank, New York, or any other Bank outside of Nigeria.
“Signature Bank Limited is a wholly owned Nigerian Bank that officially opened to customers on November 21, 2022, with its Head Office in Abuja; Signature Bank Limited has put in place robust technology and digital banking channels that will ensure customers can access its services from the comfort of their homes, offices, or at leisure.
“Signature Bank Limited is overseen by a deeply experienced and renowned Board of Directors led by Dr. Mutiu Sunmonu (CON).
“Signature Bank Limited is committed to delivering banking to every Nigerian’s doorstep through digital channels and focusing on service excellence and customer-centricity.
“We believe that the individuality and uniqueness of every customer should be celebrated.”
Calamity befalls US banks
According to reports, Signature Bank customers in the U.S., shocked by the collapse of Silicon Valley Bank, panic-withdrew over $10 billion in deposits.
The withdrawal led to the collapse of the bank described as the third-largest bank in U.S. history.
New York-based Signature Bank was closed by U.S. regulators on Sunday, March 12, 2023.
Global financial crisis looms as US second-largest bank crumbles after customers withdraw N19trn in 48hrs
Legit.ng reported that Silicon Valley Bank, America’s second-largest bank, collapsed on Friday, February 10, 2023, 48 hours after the bank said it was looking to raise more funds.
Regulators closed the bank, regarded as a tech lender, and placed it under the control of the US Federal Reserve Insurance Corporation, acting as a receiver.
The development means that the Federal Reserve Insurance Corporation will liquidate the bank’s assets to pay back customers, including depositors and creditors.
Source: Legit.ng
