Shareholders of First City Monument Bank (FCMB) and FinBank have unanimously approved the proposed merger of the two banks.
?The News Agency of Nigeria (NAN) reports that the shareholders gave their approval on Friday at both banks’ Court Ordered Meeting held in Lagos.
The shareholders also authorised the banks’ directors to consent to any modification on the merger scheme by the Securities and Exchange Commission (SEC).
Speaking at the meeting, Mr Ladi Balogun, the Group Managing Director of FCMB, said that the merger would provide considerable benefits and opportunities to the shareholders.
He said that customers, staff and other stakeholders of the banks would be better off after the merger.
Balogun said that the merger would enhance the market reach and customer convenience through an expanded 270 branch networks for shareholders.
?According to him, the merger would strengthen the commercial banking business they would engage in.
“This merger will deepen our capabilities.
“ It will merge FCMB’s strength in investment banking and FinBank’s competitive advantage in commercial, retail and mobile banking,“ he said.
Balogun also assured the shareholders of increased returns on their investment in the years ahead.
“The merger of the two banks will ensure a more robust platform for retail growth,“ he said.
NAN recalls that FCMB, in February, completed the acquisition of the entire paid-up capital of FinBank and had proposed the merger in line with the Transaction Implementation Agreement of July 14, 2011.
FCMB was selected as the preferred investor by the board of directors of FinBank after a special examination of commercial banks in 2009. (NAN)