Unity Bank and Ecobank in merger talk
A MAJOR step towards the merger of Unity Bank and Ecobank is about to happen, signaling the expected second round of consolidation within the banking industry. Ecobank Plc and Unity Bank Plc signed a Memorandum of Understanding (MoU) with the expected combined balanced sheet in excess of N400 billion.The merger groups stated that the combination is a friendly and business induced one that allows opportunity to further expand in the country.
The Managing Director of Ecobank, Offiong Ambah, said the combination would produce one of the biggest banking franchise not just in Nigeria but automatically in Africa by virtue of Ecobank's affiliation with Ecobank Transnational Incorporated (ETI), which already has its presence in 18 countries in Africa.He explained that the coming together of the two banks is entirely induced by their common vision which aligns with ecobank's strategic intent of being among the first three banks within the country it operates. According to him,Ecoobank Nigeria is not a Nigerian bank but an international institution operating in Nigeria and by the proposed consolidation, is seeking to expand its franchise in the country.
The Managing Director of Unity Bank, Falalu Bello described the agreement as the beginning of a dream come true for his bank which from the commencement of the consolidation exercise in July 2004 sought to create a truly national franchise. He however said with this next consolidation, it can begin to look beyond being merely a national but also an international player.Also speaking at the event, the Chairman of Ecobank, Chief John Odeyemi stated that the arrangement will be completed in the next three month saying that the emerging organisation would be entirely beneficial to stakeholders of both banks. His words: "This business combination is entirely a win-win situation for all stakeholders. To our shareholders, it is opportunity for improved returns and for the banking community, it is opportunity for more wealth and value creation. They are looking forward to accomplishing this combination faster and"Since we have a shared vision of wanting to be first always, the combination is going to accelerate our desire to be the first three top banks in Nigeria and to become a pan-African bank," he said.
The Chairman of Unity Bank, Professor Akin Mabogunje, stated that hope and faith saw them through the bringing together of nine banks under the N25 billion capitalisation. He also said: "We found out that Ecobank was smiling in our direction. It was a smile we could not resist, so it is a journey, which I hope will amaze the world.".He said"It is not just Africa we will be taking about, but we will also take a place in the global environment. We want to be one of the greatest banks that will do business in the global environment," he said.
Ecobank currently has 133 branches concentrated in the Southern part of Nigeria, while Unity Bank with 215 branches located mostly in the Northern part of the country which will ensure that the merging entity is present in almost all the states of the federation, while Ecobank's affiliation with ETI will also facilitate their expansion to the global community. With the MoU signed, the banks will make their presentation to the regulatory authorities to obtain the necessary approval, a process they expect will not last for more than three months.
This merger arrangement came on the heels of the botched merger arrangement between Ecobank Transnational Incorporated, the parent company of Ecobank Plc and First Bank of Nigeria Plc. In the words of ETI Chairman, Mr. Mande Sidibe, at the bank's yearly general meeting held recently in Cotonou, Benin Republic, the agreement between the two banks (ETI and First Bank) expired before it was concluded. He said "Both banks discussed and decided to forget the merger," he said.
It would be recalled that Unity Bank is made up of nine legacy banks, namely; Inter City Bank, First Interstate, Tropical Commercial Bank, Pacific Bank, Centrepoint Bank, Societe Bancaire, New Nigeria Bank, Bank of the North and New Africa Bank, while Ecobank did a sole capitalisation.
The Managing Director of Ecobank, Offiong Ambah, said the combination would produce one of the biggest banking franchise not just in Nigeria but automatically in Africa by virtue of Ecobank's affiliation with Ecobank Transnational Incorporated (ETI), which already has its presence in 18 countries in Africa.He explained that the coming together of the two banks is entirely induced by their common vision which aligns with ecobank's strategic intent of being among the first three banks within the country it operates. According to him,Ecoobank Nigeria is not a Nigerian bank but an international institution operating in Nigeria and by the proposed consolidation, is seeking to expand its franchise in the country.
The Managing Director of Unity Bank, Falalu Bello described the agreement as the beginning of a dream come true for his bank which from the commencement of the consolidation exercise in July 2004 sought to create a truly national franchise. He however said with this next consolidation, it can begin to look beyond being merely a national but also an international player.Also speaking at the event, the Chairman of Ecobank, Chief John Odeyemi stated that the arrangement will be completed in the next three month saying that the emerging organisation would be entirely beneficial to stakeholders of both banks. His words: "This business combination is entirely a win-win situation for all stakeholders. To our shareholders, it is opportunity for improved returns and for the banking community, it is opportunity for more wealth and value creation. They are looking forward to accomplishing this combination faster and"Since we have a shared vision of wanting to be first always, the combination is going to accelerate our desire to be the first three top banks in Nigeria and to become a pan-African bank," he said.
The Chairman of Unity Bank, Professor Akin Mabogunje, stated that hope and faith saw them through the bringing together of nine banks under the N25 billion capitalisation. He also said: "We found out that Ecobank was smiling in our direction. It was a smile we could not resist, so it is a journey, which I hope will amaze the world.".He said"It is not just Africa we will be taking about, but we will also take a place in the global environment. We want to be one of the greatest banks that will do business in the global environment," he said.
Ecobank currently has 133 branches concentrated in the Southern part of Nigeria, while Unity Bank with 215 branches located mostly in the Northern part of the country which will ensure that the merging entity is present in almost all the states of the federation, while Ecobank's affiliation with ETI will also facilitate their expansion to the global community. With the MoU signed, the banks will make their presentation to the regulatory authorities to obtain the necessary approval, a process they expect will not last for more than three months.
This merger arrangement came on the heels of the botched merger arrangement between Ecobank Transnational Incorporated, the parent company of Ecobank Plc and First Bank of Nigeria Plc. In the words of ETI Chairman, Mr. Mande Sidibe, at the bank's yearly general meeting held recently in Cotonou, Benin Republic, the agreement between the two banks (ETI and First Bank) expired before it was concluded. He said "Both banks discussed and decided to forget the merger," he said.
It would be recalled that Unity Bank is made up of nine legacy banks, namely; Inter City Bank, First Interstate, Tropical Commercial Bank, Pacific Bank, Centrepoint Bank, Societe Bancaire, New Nigeria Bank, Bank of the North and New Africa Bank, while Ecobank did a sole capitalisation.
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