ETI pan-African quest continues with Oceanic Bank acquisition and fresh capital raising
Category: Mergers & Aquisitions
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.