Ecobank acquires 100% of Oceanic Bank International, PLC

24 October 2011
Content from a Premium Partner
Ecobank (Lome)
press release

Ecobank Transnational Inc. (ETI), the parent company of the Ecobank Group, the largest pan-African banking group by geography, with presence in 32 countries, is pleased to announce the 100% acquisition of Oceanic Bank International PLC, following approvals by shareholders of both institutions and the completion of all required regulatory and legal processes.

All change control processes pertaining to the merger were completed in a ceremony that took place on Monday 24th October. A new Board of Directors has been reconstituted with Arnold Ekpe, CEO of Ecobank Group appointed Chairman. John Aboh, Managing Director of Oceanic Bank, will continue in that role.

It is envisaged that the banking operations of Oceanic Bank will be merged with the existing Ecobank Nigeria operations before the end of 2011. The Ecobank Group is pleased to welcome employees, customers and shareholders of Oceanic Bank aboard.

Furthermore, the Ecobank group expresses its appreciation for the confidence and support extended by the regulators, shareholders and board of directors of the company in facilitating the merger.

For further information, please contact:

Merger Integration office: (234) 704 145 1015

Company Secretary, Ecobank Group: (228) 2221 0303 / 3168

About Ecobank Group

Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent regional banking group in Africa. It currently operates in 30 African countries, namely: Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The group also has an affiliate in Paris and representative offices in Dubai, Johannesburg, London and Luanda. ETI is listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union (UEMOA) – the BRVM.

The Group has over 10, 000 employees from 35 different countries in over 750 branches. Ecobank is a full-service bank providing wholesale, retail, investment and transactional banking services to governments, financial institutions, multinationals, SMEs and individuals.

For more information, please visit: www.ecobank.com

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