BY AGENCIES
ECOBANK Transnational Incorporation (ETI), the parent company of the Ecobank Group, has announced acquisition of Oceanic Bank International PLC, a public listed Nigerian financial institution.
The 100 per cent acquisition of the bank following approvals by shareholders of both institutions and the completion of all required regulatory and legal processes gives Ecobank Group a strong foothold in the Nigerian financial market.
All change control processes pertaining to the merger were completed this week. A new Board of Directors has been reconstituted with Arnold Ekpe, CEO of Ecobank Group appointed Chairman, John Aboh, Managing Director of Oceanic Bank, would 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. Ecobank Group said it was pleased to welcome employees, customers and shareholders of Oceanic Bank aboard.
Ecobank Group has also expresses its appreciation for the confidence and support extended by the regulators, shareholders and board of directors of the company in facilitating the merger.Oceanic Bank International Plc is one of Nigeria’s financial services institutions.
The bank was incorporated on March 26, 1990, under the Companies & Allied Matters Act 1990 of Nigeria as a private limited liability company and was granted a commercial banking license on April 10 1990. It commenced business on June 12, 1990.
Fourteen years later, on June 4, 2004, Oceanic Bank converted to a public liability company. Its shares were listed on the Nigerian Stock Exchange on June 25, 2004.
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