As a result, banks were consolidated through mergers and acquisitions, raising the capital base from N2 billion to a minimum of N25 billion, which reduced the number of banks from 89 to 25 in 2005, and later to 24.
Rasheed Mohammed Al Maraj: Gulf Executive Development Programme Speech by His Excellency Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, at the Gulf Executive Development Programme Graduation Ceremony, Manama, 30 April 2007. *  *  *  Members of the Steering Committee, Distinguished Guests, Programme Graduates, Ladies and Gentlemen: Good Evening.