’FEMI ASUA foremost financial and economics expert, Mr Bismarck Rewane, has described the exit of two global banks, HSBC and UBS, from Nigeria as a bad indicator. The Central Bank of Nigeria said in a new report that two representative offices of foreign banks in Nigeria (HSBC and UBS) had been closed, bringing the number of representative offices of foreign banks to eight at the end of June 2018. The CBN did not give reasons for the closure of HSBC Representative Office (Nigeria) Limited and UBS (Nigeria) Representative Office Limited, both located in Lagos. According to him, the banks don’t employ many people but their exit is a bad signal. “For me, it (the banks’ exit) is a cause for concern, given our drive to encourage foreign direct investors.

Source: Punch November 03, 2018 23:26 UTC