Nigeria’s Signature Bank: We Have No Affiliation with Collapsed New York Financial Institution

Nigeria’s Signature Bank Limited on Monday clarified that it does not have any affiliation with Signature Bank, New York, that was shut down by United States financial regulators on Sunday.

The financial institution with head office in Abuja, disclosed this in a statement made available to THISDAY.

It said: “The attention of the bank has been drawn to recent news surrounding the closure of Signature Bank, New York, by US financial regulators on Sunday, March 12, 2023. 

“For purposes of clarity, we wish to inform the general public that Signature Bank Limited has no affiliation, relationship, or connection (business or otherwise) with Signature Bank, New York, or any other bank outside of Nigeria.”

Signature Bank Limited is a wholly-owned Nigerian Bank that officially opened to customers on November 21, 2022, with its Head Office in Abuja.

“Signature Bank Limited has put in place robust technology and digital banking channels that will ensure customers can access its services from the comfort of their homes, offices, or at leisure. 

“Signature Bank Limited is overseen by a deeply experienced and renowned Board of Directors led by Dr. Mutiu Sunmonu. Signature Bank Limited is committed to deliver banking to every Nigerian’s doorstep through digital channels and a focus on service excellence and customer centricity. We believe that the individuality and uniqueness of every customer should be celebrated,” the statement added.

New York-based Signature Bank was closed by regulators Sunday – the third largest failure in United States banking history. The move, according to Reuters, came two days after US authorities shut down Silicon Valley Bank in a collapse that stranded billions in deposits.