NDIC sells Hallmark Homes to Centage for N1.1b

THE Nigerian Deposit Insurance Commission (NDIC) has sold Hallmark Homes Limited, a subsidiary of former Hallmark Bank Plc, to Centage Savings and Loans for N1.1 billion.Speaking at the formal handing over of the company to its new owners recently in Lagos, the Managing Director/Chief Executive Officer of NDIC, Mr. Umaru Ibrahim said that Hallmark's assets of N752 million and 1630 depositors will be taken over by the new company, since it won the bid for the company.According to him, the handing over of the company to Centage will enable the new management recommence its primary mortgage services to the new and existing customers.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it was technically out of operation and had to be advertised for sale since the licence of its parent company had been revoked as a result of the bank's inability to meet up with the consolidation requirements by the Central Bank of Nigeria in 2006.Ibrahim then appealed to the management of Centage Savings and Loans to immediately reach out to the customers of Hallmark Homes on the recommencement of the company's primary mortgage services to them.Assuring the public of the corporation's commitment to depositors' protection, Ibrahim said that the corporation will monitor the company's achievement in order to ensure stability in the financial system.On his part, the Managing Director of Centage Savings and Loans Limited, Mr. Johnson Ndukwe commended NDIC for ensuring the effective consummation of the union between the companies.
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