Why ETI acquired 100% of Oceanic Bank

Group Managing Director and Chief
Executive of Ecobank Transnational
Incorporated (ETI), Mr Arnold Ekpe
yesterday said his bank acquired 100 per cent
of Oceanic Bank because of its strong retail
banking credentials in the country.
Speaking at the formal takeover of the bank
in Lagos following last month’s successful
Extra Ordinary General Meeting, Ekpe stated
that the intention of the combination of the
two institutions was to make life easier for
customers, stressing that Oceanic Bank
would merge with Ecobank Plc before the end
of this year.
He assured stakeholders at Oceanic Bank Plc
that the union of the institutions would avail
them a heritage of a strong and
professionally run brand that will meet
customers’ financial services needs in the
years ahead, promising that returns and
service quality will be higher and better with
the combination.
According to him ‘’this is a very important
occasion for the two institutions. We have
worked together for several months with the
advisers and I think we have put together a
transaction that is very positive for the
shareholders, the customers and the employees
of both institutions.
Though process integration of the two banks
is expected to be completed over the next 12 to
18 months, he said customers will be able to
access their accounts in any Oceanic Bank or
Ecobank branch within the country within
the next three months.
Ekpe assured ETI would not be in a hurry to
change the name of Oceanic Bank, but would
have to combine in the short to medium term
to become one entity.
On job security, the ETI boss assured
employees of Oceanic Bank that hard
working members should not have fears of
being thrown out due to the reform as the best
employees in the two institutions would be
retained, to drive the evolving entity
He explained that the transaction has
enabled ETI, the largest bank in Africa by
geographical presence, to acquire 100 per cent
of Oceanic Bank Group, which would be
merged with Ecobank Nigeria Plc, to create
one of the top tier banks in Nigeria in terms
of assets, branches, revenue and profit.
The ETI chief said this was a win-win
situation for both institutions, whose
managers have known themselves over many
years, stressing it has been a pleasant
experience working with the management of
Oceanic Bank.
He added, ‘today is a historic moment and we
are creating a transformed institution. We
believe that the pricing and structure will
benefit both institutions and we look forward
to integrating the institutions and bringing
them together as one.”
According to him, management restructuring
at Oceanic will be done after due consultation
with its board and management, while
shareholders including AMCON would be duly
consulted on all changes in the organization.
On his part Managing Director of Oceanic
Bank Mr John Aboh assured that all staff
who work hard need not be agitated about job
losses.
Aboh who is expected to hang on at Oceanic
Bank to oversee the transformation processes
said the merger would be beneficial to all
stakeholders. Ekpe, who stated that the
intention of the combination of the two
institutions was to make life easier for the
customers said Oceanic Bank would merge
with Ecobank Plc before the end of this year.
Ekpe, who stated that the intention of the
combination of the two institutions was to
make life easier for the customers said
Oceanic Bank would merge with Ecobank Plc
before the end of this year.