The Nigeria Deposit Insurance Corporation on Wednesday handed over Hallmark Homes Limited to Centage Savings and Loans Limited as a going concern.

The exercise, according to the Managing Director, NDIC, Mr. Umaru Ibrahim, will allow the 1,630 depositors of the Hallmark Homes verify their deposits worth N752m with the new ownership.

A statement made available to our correspondent quoted Ibrahim as saying, “The handover of the firm, marked a milestone in the commitment of the corporation to its core mandate of depositors’ protection and contributing to the stability of the financial system.”

He appealed to the management of Centage Savings to immediately reach out to the customers of Hallmark Homes on the recommencement of excellent primary mortgage services to them.

He said the corporation would monitor Centage Savings achievement in this regard in its avowed commitment to ensuring stability in the financial system and encouraging banking habit among the public.

Ibrahim added that a total of N1.15bn was realised from the sale of assets of Hallmark Savings, which would be used to settle depositors of the acquired firm.

He noted that the corporation acted based on its role as a risk minimiser with broader mandate that included deposit guarantee, banking supervision, distress resolution and banking liquidation.

Hallmark Homes was a wholly owned subsidiary of Hallmark Bank Plc. The firm was established in 1995 as Quintessential Savings & Loans Limited. It changed its name to Hallmark Savings and Loans in 2001 after its acquisition by Hallmark Bank (in liquidation).

Source: Punch/Ademola Alawiye