Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

ETI pan-African quest continues with Oceanic Bank acquisition and fresh capital raising

Category: Mergers & Aquisitions

  Read (3127)
ETI pan-African quest continues with Oceanic Bank acquisition and fresh capital raising

September 28, 2011


Lagos, Nigeria (Boason Omofaye) –Ecobank Transnational Incorporated or ETI that prides itself as the pan-African commercial lender with headquarters in Lome, the Togelese capital today secured shareholders approval to continue its quest for further expansions via niche acquisitions in some countries as well raise fresh capital.

The bank chief executive officer, Arnold Ekpe commended the shareholders who today voted 93.8% in favour of the merger deal with troubled Nigerian lender, Oceanic Bank plc. The Yes vote by the 5.48bn unit holders of ETI concluded years of business combination quests by the regional lender to increase its presence in the Nigerian market. Yesterday, the shareholders of Oceanic Bank also voted overwhelmingly in favour of the merger deal.

Arnold Ekpe said the bank has ‘clear plans on the acquisition of Oceanic Bank and will ensure that maximum value is extracted from the landmark deal.

ETI is listed on three West African Stock Exchanges of Ghana, Nigeria and Ivory Coast and operates out of 25 African countries. Ecobank Nigeria plc, listed on the NSE is the vehicle of acquisition of Oceanic Bank in Nigeria. ETI plans to merger Oceanic into Ecobank Nigeria in the next few months. Oceanic bank will delist its shares from the local bourse next week and, provides opportunities for investors to increase their stake in the listed Ecobank Nigeria plc.


Report filed by: Boason Omofaye (MBC News Corp)
For further updates, join the conversation at the EGM Week special coverage and the Proshare Investment Community

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Mergers & Aquisitions

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014