Ego Trip Backfires As Banks Quietly Put Foreign Branches “On Sale”, Plough Revenue Into Local Operations To Battle Recession

…As harvesters of misfortune move in

Needless competition embarked upon by some financial institution has backfired.

And they are making desperate moves to clean the mess as quietly as possible.

But the good thing is – the nation’s banking industry is the better for it.

Fresh revelation have it some of the nation’s financial institution that set up foreign branches mainly to meet up with competitors have started biting their fingers.

The project is said to have turned out ”non profit yielding”.

It panned out the benefit is just in the image of ”we also have offices abroad” for them sources revealed.

And faced with the biting economic recession back home, the affected financial institutions are said to be ”desperately” looking for means to cut cost and make whatever they can out of the misadventure.

Societynowng.com gathered quite a number of the ”foreign branches” in question have closed shop and their assets put on sale.

But revelation have it many of those involved in this move are equally taking a hit in the exercise.

”Harvesters of misfortune have moved in and reaping in the exercise” a source divulged.

Sources explained the banks putting their assets on sale are not getting money’s worth in most cases, because buyers are taking advantage of the situation.

The banks concerned in all cases naturally want the deals done without leaving a trail.

”They fear loss of investors confidence should any hint of controversy or mess taint the exercise, so they are forced to take what they can from a difficult situation in efforts to make a clean break” an insider divulged.

The good news however is that the revenue from the ”sales” are ploughed back into local operations to buoy battle against economic recession an informant asserted.

Insiders further revealed the earnings from the sales are part of what is helping some of the affected banks to solve immediate ”challenges” in their dealings.

”The long term effect however is a discussion better put aside for now” an insider stated.