The Future of West African Regional Banking is Here!

The article in Nigeria’s Daily Trust newspaper of November 24 suggests that the West African landscape is undergoing a revolution. Forget ECOBANK, which is not going anywhere anytime soon, but watch out for First ECOBANK. According to the article, this will revolutionise the West African banking area, with the merger of three banks. What is most exciting is this—that the bank aims to “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.”

 

Rock on West Africa!!

 

 

First Bank, Ecobank to Become First Ecobank

Daily Trust (Abuja)
NEWS
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 Nigeria and Ecobank Trans-national Incorporated, the parent company of the Ecobank Group to be listed prior to the completion of the combination which will take place in the third quarter of 2006.

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 Nigeria in his remark said "we are elated with this combination from which our shareholders and employees should derive optimal value."

Ecobank Nigeria will be fully capitalised before the end of the year in order to meet the Central Bank of Nigeria (CBN) minimum capital requirement and will be subsequently listed in the first quarter of 2006 on the Nigerian Stock Exchange.

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 Accra, the Bourse Regionale de Valeurs Mobilisers (BRVM) in Abidjan and the Nigeria Stock Exchange.

	Copyright © 2005 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com).

From: http://allafrica.com/stories/200511280735.html