The article in
First Bank, Ecobank to Become First Ecobank
Daily Trust (
November 24, 2005
Posted to the web November 28, 2005
By Adelenwa Bamgboye
First Bank of Nigeria Plc, Ecobank Transnational Incorporated and Ecobank Nigeria Plc Tuesday signed a combination agreement setting out the framework and timeline for the completion of what would be the largest indigenous cross-border banking combination in Sub-Sahara Africa.
The marriage of the three institutions which would give birth to First EcoBank plc with the elephant logo of the FirstBank would operate in 15 countries in the West African sub-region.
The agreement calls for Ecobank
Upon completion, Business Trust gathered that the future potential of the combined group will be one of the largest end most diversified banking groups in Africa with assets of over $5.5 billion and over 470 branches and offices across 15 countries in West and Central Africa, a subsidiary in the United Kingdom and a representative office in South Africa.
Alhaji Mutallab, chairman of First Bank said the Bank looks forward to the combination as a vehicle for better meeting the needs of the African private sector and for developing products for the consumer, SME and microfinance sectors.
Omo-Obe Odimeyo, chairman of Ecobank
In line with its regional identity, Ecobank Transnational Incorporated will be listed in the second quarter of 2006 on the three regional stock exchanges in West Africa namely the Ghana Stock Exchange in
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