Ecobank to conquer Nigeria

02/08/2011
Ecobank to conquer Nigeria

Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group, the leading pan-African banking group, with headquarters in Togo announced  the signing of an agreement, on Tuesday, for execution of transactions with Oceanic Bank International Plc (Oceanic Bank), to acquire and recapitalize Oceanic Bank. 

The transaction provides for the merger of Oceanic Bank with Ecobank Nigeria to create a prime capital-intensive bank and thus becoming one of the major Nigerian banks, providing services to a wide range of large enterprise customers, players of the public sector and individuals throughout the Nigerian territory.

"This transaction will completely transform our business in Nigeria. Following the completion of the merger, the new banking entity will become a major player in the Nigerian market and allow us to meet the banking needs and aspirations of our growing and  important customer base in Nigeria in a better way" said Arnold Ekpé, the general manager of the Ecobank Group and member of the Togo Presidential Investment Advisory Council (TPIAC), the council for investment was created last March by President Faure Gnassingbé.

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