Sterling Bank and Equitorial Trust Bank (ETB), on Friday, entered into a formal Transaction Implementation Agreement (TIA) which will lead to the recapitalisation of ETB and merger of both financial institutions.
The TIA reflects the main commercial terms of reference on which the agreement has been reached in principle by the Boards of both financial institutions in 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.
When the transaction is completed, the merged entity will have 185 CBN approved branches, over N360 billion in deposits, and N550 billion in assets, positioning it as a major financial solutions brand of choice across its target markets.
Sterling Bank is a major financial services provider, offering a wide umbrella of services to individuals, businesses, non-profit organisations and government-affiliated agencies.
Through the main bank and its subsidiaries, the bank provides asset management, commercial banking mortgage loans, insurance, investment banking, pension funds management, stock broking, and registrar services.
Sterling Bank serves its clients through 95 branches spread across Nigeria.
On the other hand, ETB was incorporated as a Limited Liability Company on January 30, 1990 and granted a commercial banking license on February 7, 1990.
More than 20 years after it first opened for business, ETB currently has over 90 branches in prime urban locations across Nigeria and is widely regarded for its technology-driven customer friendly service.
Click to signup for FREE news updates, latest information and hottest gists everydayThe TIA reflects the main commercial terms of reference on which the agreement has been reached in principle by the Boards of both financial institutions in 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.
When the transaction is completed, the merged entity will have 185 CBN approved branches, over N360 billion in deposits, and N550 billion in assets, positioning it as a major financial solutions brand of choice across its target markets.
Sterling Bank is a major financial services provider, offering a wide umbrella of services to individuals, businesses, non-profit organisations and government-affiliated agencies.
Through the main bank and its subsidiaries, the bank provides asset management, commercial banking mortgage loans, insurance, investment banking, pension funds management, stock broking, and registrar services.
Sterling Bank serves its clients through 95 branches spread across Nigeria.
On the other hand, ETB was incorporated as a Limited Liability Company on January 30, 1990 and granted a commercial banking license on February 7, 1990.
More than 20 years after it first opened for business, ETB currently has over 90 branches in prime urban locations across Nigeria and is widely regarded for its technology-driven customer friendly service.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com