Daily Trust (Abuja)

Nigeria: FCMB Gets CBN's Approval On Finbank Merger

1 August 2011

First City Monument Bank (FCMB) has received approval in principle from the Central Bank of Nigeria (CBN) to go ahead with its merger with Finbank, paving way for the rescued lender to be recapitalised ahead of a September deadline, the bank's chief said on Thursday.

FCMB's chief executive, Ladi Balogun, said the next step was to obtain approval from the Securities and Exchange Commission and shareholders which he expects to happen within the next 40 days. He said the bank will not need to raise capital to finance the deal which he expects will deliver growth.

"This will enable FCMB to grow its strategy," he told reporters by telephone. (Reuters)

  • Comment

Copyright © 2011 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica aggregates and indexes content from over 130 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.

Comments Post a comment