26 November 2008

Nigeria: Ecobank Takes Over AIB

THE Central Bank (CBN) has approved the acquisition of African International Bank (AIB) by Ecobank Nigeria Plc. This development was conveyed to Ecobank by a letter from the CBN dated November 24, 2008.

Effectively, Ecobank would be taking over the private and public sector deposit liabilities of AIB. AIB had been closed even prior to the banking consolidation of 2005.

With the acquisition of AIB, Ecobank has continued with its accelerated growth plan in building an integrated retail network. Ecobank had previously assumed the private sector deposit liabilities of Allstates Trust Bank Plc (in liquidation) and Hallmark Bank Plc (also in liquidation) under the purchase and assumption arrangement.

Ecobank currently has more than 218 branches/outlets in key parts of the country and with this acquisition will further extend its network.

The modalities for implementing the acquisition have commenced and would be communicated to all stakeholders of AIB.

Ecobank Nigeria is part of the Ecobank Group with presence in 26 countries across Africa and was recently a recipient of the African Bank of the Year and African Most Innovative Bank Awards.

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