Following an application to the council of the Nigerian Stock Exchange for a merger between IBTC Chartered Bank Plc and Stanbic Bank (Nigeria) Limited, the Exchange last week placed the stock of IBTC Chartered Bank on technical suspension.

The stock was suspended at N11 per share indicating that the bank\'s share price will remain at that price until the conclusion of the offer.

The development was confirmed by the spokesperson of the Nigerian Stock Exchange, Mr. Sola Oni at the weekend.

Oni said: \"It means that board of IBTC Chartered Bank has informed the stock exchange about the merger.\" It was learnt that the bank\'s board has earlier informed the stock exchange about the merger last September.- Guardian