In a Bid to prevent the panic affecting the banking sector since the recent week’s crash of Silicon Valley Bank (SVB), US regulators shut down New York-based Signature Bank.
However, the attention of the Signature Bank Limited, a Nigerian financial institution, has been drawn to recent news surrounding the closure of Signature Bank, New York, by US financial regulators on Sunday, March 12, 2023,”
Signature Bank Limited in the statement on March 13th, 2023, reads, “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 entirely 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 a digital banking channel that ensures 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 (CON).
“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.”
New York-based Signature Bank was closed by U.S. regulators on Sunday, March 12, 2023. It is the third largest bank to fall into financial failure in US history.
The development came two days after California’s Silicon Valley Bank (SVB) collapsed as depositors hurried to pull out funds. SVB became the largest bank failure since the 2008 financial crisis.