By InvestAdvocate

Lagos (INVESTADVOCATE)-Sterling Bank Plc said on Friday its seeking to buy one (1) or two (2) mid-tier banks as sharp falls in the value of the naira and increased regulatory pressure are forcing banks to recapitalise, according to Reuters quoting Abubakar Suleiman, its chief financial officer (CFO).

According to the report, Suleiman also said 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 potentially triggering mergers.

Shares of lender remained unchanged at the close of today’s trading on the Nigerian bourse at N1.75 per share.