He said: “a bank that can mobilize adequate resources and finance big-ticket transactions is crucial in being able to deliver that transformation and this is why we are emphasizing the strength of the capital of the banks”.

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“So yes, if you think that you are operating in a “niche market” that does not require that you should have a ¢400 million level of capitalization you can choose to go for a savings and loan license,” Dr Addison added.

Dr Addison further indicated that some banks have begun talks to merge or be acquired.

He explained that this is based on some formal communication with the Central Bank as some banks strategise to meet the minimum requirement.

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The Governor, however, believed that the recapitalisation of these banks should be market driven rather than being forced by the regulator.

“Let the market decide on the way forward in achieving the capital requirement,” he said.