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Nigeria's TrustBond Mortgage Bank, First Mortgages to merge

Nigeria-based TrustBond Mortgage Bank Plc and First Mortgages Ltd. have agreed to merge, The Punch reported.

The combined entity will be branded FirstTrust Mortgage Bank PLC, according to the report.

Terms and conditions of the deal were not disclosed in the report.

The banks said the purpose of the proposed merger was to build a stronger mortgage bank that will be more competitive in the Nigerian mortgage banking sector, the report noted.