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Nigeria's Ecobank to seek Oceanic merger approval


Monday December 5, 2011 9:46am 

Nigeria's Ecobank said on Monday it will seek shareholders approval on Dec. 22 to merge its operations with rival Oceanic Bank , after Ecobank's parent firm ETI acquired 100 percent of Oceanic in September.

It said shareholders in the enlarged Ecobank will get 1 share in ETI for every 5.16 Ecobank shares owned. Pan-African lender ETI will then own the merged entity. Ecobank will subsequently delist from the Nigerian stock exchange, it said in a notice to shareholders. Oceanic has already delisted.


Source: Reuters (Reporting by Chijioke Ohuocha)

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