Kenya: Ecobank Parent Company to Acquire Oceanic Bank

Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, has announced plans to acquire and recapitalise Oceanic Bank. The acquisition is aimed at expanding and consolidating ETI's market share in Africa.

Under the transaction implementation agreement with Oceanic Bank International Plc -- the parent company of Oceanic Bank -- the move will see Ecobank Nigeria strengthen its base to become a major bank in the country and play a bigger role in the 30 African countries it operates, including Kenya.
The merger is aimed at positioning it to become a leading Nigerian bank providing services to a large number of corporate, public sector and retail customers.

The transaction is based on a compelling strategic rationale, to create scale, bring enormous efficiencies and provide a more robust platform to better serve the market.
The transaction, which is subject to requisite regulatory, shareholders and other approvals, is fully in line with Ecobank's strategy to be a major player in all markets in which its operates in.
Mr Arnold Ekpe, the Ecobank group chief executive officer, said: "The combined bank will be a leading player in the Nigerian market and will position us to better support the banking needs and growth aspiration of our large customer base in Nigeria."
"The planned acquisition is also consistent with the company's strategy of being a top-tier player in markets in which we operate," he said.