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Oceanic Bank to transfer 40.17 pct to Ecobank

By on September 2, 2011

Nigeria’s rescued lender Oceanic Bank said on Friday it would seek shareholders’ approval for the transfer of 40.17 percent of its holdings to Ecobank Transnational Incoporation , which it signed a merger deal with last month.

In a notice to shareholders , it also said the proposal would hand 49.80 percent of its shares to the state-owned Asset Management Corporation of Nigeria (AMCON), in exchange for the 290.15 billion naira ($1,875 billion ) rescue package it has received from AMCON over the course of this year.

Shareholders of Oceanic Bank will meet on Sept. 27 to decide on a plan by Ecobank Transnational Inc.  to acquire it.

Investors will discuss the transfer of 55 billion naira ($355 million) worth of shares to Lome, Togo-based Ecobank Transnational, the lender that operates in more than 30 African nations, according to an e-mailed statement from Oceanic.

Shareholders will also decide how much stock will remain in the hands of current investors in the Lagos-based lender and approve giving shares worth 290 billion naira to the Asset Management Corp. of Nigeria, known as Amcon, in order to bring shareholders’ funds from negative to zero.