The Nigerian Deposit Insurance Commission (NDIC), has sold Hallmark Homes Limited a subsidiary of former Hallmark Bank Plc to Centage Savings and loans for N1.1billion.
Speaking at the handing over ceremony in Lagos Wednesday, the Managing Director/Chief Executive Officer of NDIC, Alhaji Umar Ibrahim said that the N752 million deposit and 1630 depositors of Hallmark Homes will now be taken over by Centage Savings and Loans Limited. He said the depositors of Hallmark Homes will now be integrated into the sub sector.
Ibrahim explained that the revocation of the banking licence of Hallmark Bank Plc affected its Primary Mortgage Institution because the bank had no banking relationship with any other bank except the defunct Hallmark bank.
He added that even though Hallmark Homes Limited was not in liquidation, but a going concern, it was technically out of operation and had to be advertised for sale since the licence of its parent company had been revoked as a result of the bank’s inability to meet up with the consolidation requirements by the Central Bank of Nigeria in 2006.
NDIC sells Hallmark Homes to Centage for N1.1bn
