The last is yet to be heard of the impact of recession in the country as financial institutions, especially commercial banks have begun to sell their idle landed property in major urban centers to cushion the liquidity shortage in the sector.
The Guardian learnt that some of the banks engaged in mergers and acquisitions with Assets Management Corporation of Nigeria (AMCON) recently, which had excess branch networks are also offloading property used as branches across 35 States and the Federal Capital Territory, Abuja, including cash centres.
Last year, some of the banks including Guaranty Trust Bank Plc, Skye Bank Plc, First City Monument Bank Limited, Zenith Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, Stanbic IBTC and Fidelity Bank Plc had hired estate surveyors and valuers to dispose off customers’ property used as collateral for loans.
Property industry specialists believe that the banks took to the initiative due to the frequent use of mobile phone services and efficiency drive in the banking system as well as the automation and out-sourcing of services that were traditionally held by the banks.More here.
One of those days when you hate anything tech. Fintech , Biotech….you just hate the word tech.Not that technological advancement is ,in itself, a bad thing but because you don’t see the downside.Yes….job losses and drastic changes.
“Citigroup forecast that the continued growth of fintech startups would make 30 per cent of bank staff to lose their jobs over the next ten years. The bank’s 112-page report, titled Digital Disruption’, predicts that U.S. and European banks will shed 1.7 million jobs by 2025“.
That’s just fintech. Wait till we have robots and AI (artificial intelligence). A whole new level of scary.
Source: Guardian News