Following the recent shareholders’ approval of the merger of Ecobank Nigeria and Oceanic Bank, the requisite legal and regulatory approvals have now been obtained and the full merger of the two institutions has now been concluded. Oceanic Bank has been merged with Ecobank Nigeria with effect from 30 December 2011.
The merger of the two banks creates one of the strongest financial institutions in Nigeria, in terms of branch network, asset size, customer base and revenues, with significant operational synergies.
Commenting on the transaction, Mr. Jibril Aku, Managing Director of Ecobank Nigeria, said:
“We have a track record of success in merging banks to drive value for shareholders and deliver excellent service for our customers. We will move expeditiously to establish a single, integrated organisation.”
Mr. John Aboh, out-going Managing Director of Oceanic Bank, stated that:
“This merger with Ecobank marks a successful outcome to the rescue of Oceanic Bank. The combined entity provides shareholders and employees access to a stronger banking group. I leave with the satisfaction of having delivered value for our shareholders and opportunities for our employees. I thank the regulatory authorities for their support in the successful conclusion of this process”.