ECOBANK Transnational Inc, the parent company of the Ecobank Group, has entered a transaction implementation agreement with Oceanic Bank International to acquire and recapitalise the bank.
Ecobank is present in 32 African countries including Rwanda.
The transaction envisions that Oceanic Bank will be merged with Ecobank Nigeria to create a strongly capitalised bank, well positioned to become a leading Nigerian bank providing services to a large number of corporate, public sector and retail customers across Nigeria.
Top officials at Ecobank said the transaction is based on a compelling strategic rationale: it creates scale, brings enormous efficiencies and provides a more robust platform to better serve the Nigerian market.
“This transaction will completely transform our business in Nigeria. When consummated, the combined bank will be a leading player in the Nigerian market and will position us to better support the banking needs and growth aspiration of our large customer base in Nigeria. It is also consistent with our strategy of being a top tier player in markets in which we operate,” Ecobank Group, Chief Executive Officer, Arnold Ekpe said in a statement.
The transaction, which is subject to requisite regulatory, shareholders and other approvals is fully in line with Ecobank’s strategy to be a major player in all markets in which its operates including Nigeria which represents the largest in its regional footprint.