Wednesday, September 28, 2011 2:15 PM
The Merger and Acquisition deal between Sterling Bank Nigeria and Equatorial Trust Bank has just been concluded. CEO of the bank, Mr. Yemi Adeola says “Equatorial Trust Bank has a lot in common with Sterling Bank”. Adeola says “the synergy between both banks will enhance shareholders’ value and boost the capacity to reach out to more customers.”
In the merger deal, existing shareholders of Sterling Bank will have 80%. AMCON to have 10% and shareholders of ETB will hold 10%.
Shareholders believe that the M&A deal will reposition Sterling bank to be a top mid-tier bank in Nigeria.
Report Filled by Proshare’s Temple Asaju