Leadership<\/a> (Abuja)<\/p>\nStanley Oronsaye<\/p>\n
23 December 2011<\/p>\n
\nEcobank Nigeria Plc and Oceanic Bank International Limited have received the approval of their respective shareholders for their proposed merger. A statement by the bank said that subject to the necessary regulatory and legal approvals, the merged banks would commence operation as one bank in the New Year.<\/p>\n
The integration of Oceanic and Ecobank Nigeria creates a much stronger financial entity, better able to compete effectively in the domestic market place. It also combines Oceanic Bank’s strengths in the retail, commercial, public and microfinance sectors with Ecobank Nigeria’s corporate banking expertise and the Ecobank Group’s pan-African footprint. The enlarged group, to be known as Ecobank Nigeria, will rank as one of the top 5 banking groups in the country.<\/p>\n
Ecobank Transnational Incorporated (ETI) acquired Oceanic Bank following the recapitalisation exercise facilitated by the Central Bank of Nigeria (CBN). Oceanic Bank was one of the eight banks rescued by the CBN following the banking crisis in 2009.<\/p>\n
Chairman of Ecobank Nigeria, Dr. Sunny Kuku, said the merged entity would create value for the shareholders. “The merger will be beneficial to shareholders of Oceanic Bank as it means that they can now trade their shares in the three stock exchanges on which ETI is listed.”<\/p>\n
As part of a larger banking group, Ecobank Nigeria’s customers would benefit from a wider range of sophisticated banking products and services, as well as access to cross-border transactions across Ecobank’s network of 32 African countries.<\/p>\n
AllAfrica – All the Time<\/p>\n
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