Sterling Bank Plc. and Equitorial Trust Bank (ETB) To Merge Businesses
Sterling Bank Plc and
Equitorial Trust Bank (ETB) have entered into a formal Transaction Implementation Agreement (TIA) which will lead to the recapitalization of ETB and merger of both financial institutions.
The TIA reflects the main commercial terms of reference on which agreement has been reached in principle by the Boards of both financial institutions in close consultation with the Asset Management Company of Nigeria (AMCON). Following from the recommendations of the proposal under review, the transactions will be presented for approval to shareholders, the Central Bank of Nigeria, Federal High Court, Nigerian Stock Exchange and Securities and Exchange Commission.
The complementary strengths of both institutions underscore the compelling merit of the transaction and will provide enhanced growth prospects as well as attractive financial returns for all shareholders.
Customers of both Banks and the general public can expect better service hinged on a stronger footing, given the obvious advantages of the emerging entity over the respective predesessors.
On completion of this transaction, the merged entity will have 185 branches, over N360 billion in deposits and N550 billion in assets; effectively positioning it as a major financial solutions brand of choice across its target markets.
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