ETI takes over Oceanic Bank

EcobankTransnationalIncorporated (ETI) has finally taken over Oceanic Bank. Consequently, Oceanic Bank would now be merged with ETI's Nigerian subsidiary, Ecobank Nigeria.Speaking at the taking over ceremony in Lagos on Monday, the ETI Chief Executive Officer, Arnold Ekpe, described the event as historic for both institutions, stressing that the pricing and structure would benefit all the stakeholders in both banks.Ekpe explained that the transaction is such that ETI, the parent company, would acquire 100 per cent of Oceanic Bank Group, adding that consequently, Oceanic Bank would be merged with Ecobank Nigeria Plc, to create one of the top tier banks in Nigeria in terms of assets, branches, revenue and profit.'This is a very important occasion for the two institutions. We have worked together for several months with the advisers and I think we have put together a transaction that is very positive for the shareholders, the customers and the employees of both institutions. We look forward to integrating the institutions and bringing them together as one,' he said.On business combination, the ETI boss disclosed that before the end of the year, Oceanic Bank would be merged with Ecobank Nigeria, stating that in the next three months, customers would have access to their accounts in any Oceanic Bank or Ecobank Nigeria branch.On whether customers' account numbers would change, Ekpe made no guarantee, saying 'we would do the best we can so that it doesn't change. But the intention of the combination of the two institutions is to make life easier for the customers.'Meanwhile, the Group Managing Director, Oceanic Bank, Mr John Aboh, has assured the workers that there was no cause to panic, advising them to be focused in discharging their duties.He noted that their interest was protected in the new arrangement, stating that since it was not a hostile take-over, their interest was adequately taken care of.
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