In line with the Central Bank of Nigeria (CBN) directive of July 6, 2004 on bank capitalization and consolidation, ACB International Bank Plc, Citizens International Bank Plc, Fountain Trust Bank Plc, Guardian Express Bank Plc, Omega Bank Plc, and Trans International Bank Plc merged to form Spring Bank Plc.
The primary objective of the merger was to create a leading bank in Nigeria with capacity to offer banking services that will exceed customers’ expectations by using a highly motivated and professional team, using of state-of-art technology to maximize returns on shareholders’ investment while discharging our social responsibility.
Following a successful acquisition of over majority stake in the bank by Bank PHB on December 18, 2008 Spring Bank Plc became a part of the Bank PHB Group. Consequently, a new Board of Directors was approved by the CBN for the bank. As a result of this development, Spring Bank Plc is set to launch its customers into a future that holds the promise of value banking driven by the convergence of the spirit of resilience and the power of ideas that the two brands have come to represent. The synergy resulting from this union immediately places at the disposal of our customers the benefits of a wide branch network, an array of innovative, technologically driven products and services, delivered with passion as well as a sturdy and stable institution managed by the best hands in the industry.
Our mission statement, “to build a global retail brand by delivering with passion innovative financial solutions in every neighborhood,” reinforces our quest for world acclaim for the Spring Bank brand. It elaborates upon our retail character which the reference “next door” and “at your fingertips” allude to in the vision statement: “To be a world class bank next door and at your finger tips”. This also clarifies and further commits Spring Bank Plc to its overriding emphasis on innovation, driven by customer needs and service which we deliver with great passion coupled with proximity. Our new payoff line, “...go further,” draws from its attribute of resilience to impact on the service delivery which emphasizes a surpassing of stakeholder expectation.
In three years of existence, Spring Bank Plc has been recognized for its excellent service both locally and beyond the shores of the country. In 2006, Spring Bank Plc was rated among the top 1000 banks in the World and sixth in Nigeria by the Banker Magazine, a subsidiary publication of the Financial Times of London. In 2008, Spring Bank Plc received the Lagos State Education Award for its outstanding contribution to the development of Education in the State and also the Fame Award for Environment, which is an award for outstanding environment icons in the State. In the area of sports, the bank was the first runner-up in the 2006 Bankers’ Football League.
It is also pertinent to note that Bank PHB, our core investor, has very strong credit rating from local and international credit rating agencies. Agusto and Co, a reputable Nigerian based rating agency, gives the bank a Long Term A- (A+), which by its rating interpretation stands for “A financial Institution of good financial condition and strong capacity to meet its obligations. Also DataPro, another Nigerian based rating agency gives Bank PHB a rating of A1 in the Short Term and AA- in the long term with a “Stable Rating Outlook.” The short term rating of A1 indicates Good Credit Quality and a satisfactory capacity for timely payment of financial commitments while the long term rating of AA- indicates Lower risk. Global Credit Rating Co (“GCR”) (a subsidiary of the New York Stock Exchange listed Duff & Phelps Credit Rating Company and which accounts for 60 percent of all credit rating on the African Continent) has given Bank PHB a long term credit rating of A+ and a short term rating of A1. GCR long term credit rating of “A+” means “High Credit Quality with good protection factors” while the “A1” rating means a bank “with high certainty of timely payment.”
