2011-10-25
Ecobank acquires 100% of Oceanic Bank International, PLC Lome 24 October 2011: 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 xtended 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