Agusto & Co. Limited has said it expects more banks to adopt the Holdco structure as they show interest in investing in other sectors. The Pan-African credit rating agency and the business information provider said this in its 2023 Nigerian banking industry report titled, ‘The Nigerian banking industry – A resilient industry navigating a volatile operating terrain’, released on Thursday. It said, “As the competitive landscape is changing, the holding company structure is gaining more prominence with banks seeking to diversify into new businesses such as pension and asset management, while responding to the disruption by fintech companies. We expect more banks to go the HoldCo route as the competitive landscape changes. Innovation and malleability of the banks as reflected in the transition to the financial holding company structure and upscale of banking licence by some players had upheld the industry, it said.

Source: Punch September 08, 2023 05:30 UTC