CBN REVOKES OPERATING LICENSES OF ASO SAVINGS AND LOANS PLC AND UNION HOMES SAVINGS AND LOANS PLC. (PHOTO).

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 CBN Revokes Operating Licenses of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc The Central Bank of Nigeria (CBN) has revoked the operational licenses of two primary mortgage banks, Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing multiple regulatory violations and financial distress. In a press release issued today, the CBN stated that the action was taken under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria. The move is part of broader efforts to reposition the mortgage sub-sector and enforce compliance with laws and regulations. The affected institutions were found to have breached various provisions, including: - Failure to meet the minimum paid-up share capital requirement for their license category. - Having insufficient assets to cover liabilities. - Being critically undercapitalized, with capital adequacy ratios below the CBN's prudent...
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ITALY’S PRADA TO BUY RIVAL VERSACE FOR 1.25 BN EUROS. (PHOTO).

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 Italy’s Prada to buy rival Versace for 1.25 bn euros


Italian fashion house Prada announced Thursday that it had reached a deal with US group Capri Holdings to buy Versace for 1.25 billion euros ($1.39 billion).


The acquisition will create a luxury group with revenues of over six billion euros that could better compete with industry giants such as the French conglomerates LVMH and Kering amid a slowdown in the sector worldwide.


“We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftmanship and heritage,” Prada group chairman and executive director Patrizio Bertelli said in a statement.


In 2018, Capri paid €1.83 billion (then $2.1 billion) to acquire Versace, which was previously owned 80 percent by the Versace family and 20 percent by the US investment fund BlackRock.


Amid declining sales, it put the Milan-based label up for sale, and began exclusive negotiations with Prada at the end of February.


Capri, which also owns Jimmy Choo and Michael Kors, had to accept a reduced price from Prada amid the market turmoil caused by US President Donald Trump’s tariffs.


The Financial Times had reported that the price was initially expected to be about $1.6 billion but had been negotiated downwards in recent days.


Last month, Donatella Versace stepped down as creative director after more than 30 years, in what was widely seen as a prelude to the accord.


She took over in 1997 following the murder of her older brother Gianni, who founded the Milan-based label in 1978.


But on April 1 she was replaced as creative director by Dario Vitale, who has overseen soaring sales at Miu Miu, Prada’s sister brand targeting a younger clientele.


Donatella Versace, who turns 70 in May, is now the label’s chief brand ambassador.

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