SHAREHOLDERS of First City Monument Bank and FinBank on Friday gave their unanimous approval for the merger of the two banks.
“This merger will deepen our capabilities,” said Mr. Ladi Balogun, Group Managing Director of FCMB, saying that customers, staff and other stakeholders of the banks would be better off after the merger.
The shareholders also authorised the banks’ directors to consent to any modification on the merger scheme by the Securities and Exchange Commission.
Balogun said that the merger would enhance the market reach and customer convenience through an expanded 270 branch networks for shareholders.
The latest development follows the February acquisition by FCMB of the entire capital of FinBank, which has been fully paid for, after which it proposed a merger in line with the Transaction Implementation Agreement of July 14, 2011.
Balogun said that the merger would enhance the market reach and customer convenience through an expanded 270 branch networks for shareholders.
“It (the buyout) will merge FCMB’s strength in investment banking and FinBank’s competitive advantage in commercial, retail and mobile banking,” Mr. Balogun told investors after the decision was announced on Friday.