Ecobank Completes Acquisition Oceanic Bank

Ecobank Transnational Inc. (ETI), the parent company of the Ecobank Group, the largest pan-African banking group by geography, with presence in 32 countries, is pleased to announce the 100% acquisition of Oceanic Bank International PLC, following approvals by shareholders of both institutions and the completion of all required regulatory and legal processes.

All change control processes pertaining to the merger were completed in a ceremony that took place on Monday 24th October. A new Board of Directors has been reconstituted with Arnold Ekpe, CEO of Ecobank Group appointed Chairman. John Aboh, Managing Director of Oceanic Bank, will continue in that role.

It is envisaged that the banking operations of Oceanic Bank will be merged with the existing Ecobank Nigeria operations before the end of 2011. The Ecobank Group is pleased to welcome employees, customers and shareholders of Oceanic Bank aboard.

Furthermore, the Ecobank group expresses its appreciation for the confidence and support extended by the regulators, shareholders and board of directors of the company in facilitating the merger.

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One Comment

1. 

   Alabistephen

   November 9, 2011 at 1:20 pm

   WHEN ARE WE GOING TO RECEIVE ALERT OF OUR STOCK CONVERSION FROM OCEANIC BANK SHARE TO ETI