EcoBank’s Oceanic Merger To Be Completed By Year 2012

CEO of Ecobank, Arnold Ekpe has stated that the merger between Ecobank and Oceanic Bank will be completed by the year end of 2012. He made the following disclosure to Reuters today.

The merger will see the resulting entity emerge a top-tier player in the sector,  amongst the top 5 banks by assets, top 4 by deposits and top 2 by branch network.

Ecobank recently delisted its shares from the Nigerian stock Exchange in order to obey the rules of the bourse which specify a minimum amount of shares that must be available for free float.

In a statement released in the earlier stages of the merger process, Arnold Ekpe, Group Chief Executive Officer, commented: “Oceanic Bank is highly complementary with our business and growth strategy in Nigeria. The Transaction creates the second largest distribution platform in Nigeria with over 600 branches and 1,450 ATMs. By combining Oceanic Bank’s retail customer base and strong public sector franchise with Ecobank’s multinational and local corporate clients, we will create a leading full service financial institution and consolidate Ecobank’s position as a market leader in Nigeria.”

Mr Ekpe, further remarked: “I am confident that the proposed acquisition will create significant shareholder value. I invite the shareholders of Oceanic Bank to participate in the exciting future of the leading independent pan- African banking group with a combined total of over 7.4 million customers and a presence in 32 African countries.”