[1] Spring Bank was a large financial services provider in Nigeria.
[3] Spring Bank was formed in December 2005 by the merger of six (6) Nigerian financial institutions, namely: At the time it was formed, Spring Bank had a capital base of approximately US$224 million (NGN:34.5 billion) with total assets estimated at US$988 million (NGN:152 billion).
The CBN intervened by injecting new capital to maintain solvency and appointing new management.
In July 2012, the Federal High Court of Nigeria, in Lagos ordered that the affairs of the defunct Spring Bank Plc be wound up, since its license had been revoked.
[5] Following the intervention of the Central Bank of Nigeria in 2009, Bernadina Sola Ayodele was appointed Group Managing Director and Chief Executive Officer.