1 August 2011

Nigeria: FCMB Gets CBN's Approval On Finbank Merger

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)

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