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Ecobank completes Oceanic Bankís takeover

Category: Mergers & Aquisitions

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Ecobank completes Oceanic Bankís takeover

February 13, 2012

Ecobank Nigeria Plc has completed the acquisition of Oceanic Bank International.

A statement from Ecobank on Sunday said that by this action, Ecobank will now have more than 600 branches, with 890 Automated Teller Machines.

It has, therefore, emerged the fourth largest banking network in Nigeria.

According to the statement, the integration affords former customers of Oceanic Bank the opportunity to conduct business in any of the merged branch network. It added that the same applied to all existing customers of Ecobank Nigeria.

“This symbolic and operational milestone reached ensures that customers of the merged bank can now use any Ecobank ATM without the payment of transactional fees of N100 usually charged for ATM use,” the statement added.

Commenting on the new single Ecobank branch and ATM network, the Managing Director of Ecobank Nigeria, Mr. Jibril Aku, said the bank intended to be a major player in Nigeria, just as its growth in other countries had made it one of Africa’s largest financial institutions.

He said, “Our branch and ATM network is a good example of how we can use scale to grow our business. We are now more accessible, taking service to our customers’ doorstep, and moving into the ‘top four’ is a significant milestone.

“We are integrating operations across both banks rapidly now and, as we do so, more new services will become available to all our customers.”

On July 30, 2011, Oceanic Bank and Ecobank Transnational Incorporated entered into a Transaction Implementation Agreement, setting out the framework for the Oceanic acquisition.

The TIA provided that following the acquisition, ETI would cause its Nigerian subsidiary, Ecobank, to enter into a scheme of merger with Oceanic under Part XII of the Investment and Securities Act (No.29) of 2007.

ETI acquired 100 per cent of Oceanic last September. Following this, the shares of Oceanic Bank were delisted from the official list of the Nigerian Stock Exchange, while shareholders in the enlarged Ecobank were to get one share in ETI for every 5.16 Oceanic shares owned.

The scheme also noted that at the end of the merger, ETI will own the merged entity, while the shares of Ecobank will subsequently be delisted from the NSE’s Daily Official List.

Source: Punch

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