A Federal High Court, sitting in Lagos, has
approved the merger of FCMB and FinBank.
The approval paves the way for the two banks to fully integrate and begin to operate as a single entity, which the bank says would be achieved by Saturday.
Up until full integration, customers of FinBank will continue to be serviced through the existing FinBank infrastructure. The bank indicated that, in preparation for full integration, customers have been informed of various changes that will be taking place between today and Saturday.
The approval paves the way for the two banks to fully integrate and begin to operate as a single entity, which the bank says would be achieved by Saturday.
Up until full integration, customers of FinBank will continue to be serviced through the existing FinBank infrastructure. The bank indicated that, in preparation for full integration, customers have been informed of various changes that will be taking place between today and Saturday.
FinBank has been a wholly-owned subsidiary of
FCMB since February 10, 2012.
The merger process begun immediately after the acquisition and was subject to approvals from shareholders of both banks, the Securities Exchange Council and the Federal High Court, all of which have now been received.
Commenting on the news, Group Managing Director of FCMB, Mr. Ladi Balogun, said: “We are pleased that the Courts have approved our merger. With the culmination of the legal and regulatory processes, we are now able to integrate our operations fully and deliver the expected benefits to shareholders and customers.
The enlarged single entity is well positioned to compete in the consolidating banking landscape. Our customers will experience continued improvements in the customer experience, improved convenience, greater and quicker access to financial support, with simple processes, products and communication.
This is indeed a pivotal moment in the history of the bank and one that will lead to significant and sustained increase in shareholder value.”
The merger process begun immediately after the acquisition and was subject to approvals from shareholders of both banks, the Securities Exchange Council and the Federal High Court, all of which have now been received.
Commenting on the news, Group Managing Director of FCMB, Mr. Ladi Balogun, said: “We are pleased that the Courts have approved our merger. With the culmination of the legal and regulatory processes, we are now able to integrate our operations fully and deliver the expected benefits to shareholders and customers.
The enlarged single entity is well positioned to compete in the consolidating banking landscape. Our customers will experience continued improvements in the customer experience, improved convenience, greater and quicker access to financial support, with simple processes, products and communication.
This is indeed a pivotal moment in the history of the bank and one that will lead to significant and sustained increase in shareholder value.”
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