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July 17, 2007
IBTC, Stanbic Bank’s merger gets approval
The Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and the Nigeria Stock Exchange (NSE) have granted approval-in-principle to the proposed merger of IBTC Chartered Bank Plc and Stanbic Bank (Nigeria) Limited.
Juwon Obajemu, Lagos - 17.07.2007
The Reserve Bank of South Africa has also approved the deal. Regulatory approvals for the tender offer by Stanbic Bank Nigeria’s parent company, Stanbic Africa Holdings Limited (SAHL), a wholly-owned subsidiary of Standard Bank Group Limited, for the acquisition of additional IBTC shares were also granted.
A statement from the two banks said “in accordance with the laid-down procedures for transactions of this nature, applications for regulatory approvals were filed with the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), the Nigerian Stock Exchange (NSE) and the South African Reserve Bank (SARB).
“All these agencies have granted their in-principle approval and the scheme of merger and tender offer document has been cleared by SEC.
The statement added that the transaction would involve the merger of IBTC and Stanbic Nigeria, following which SAHL’s shareholding in the enlarged IBTC would be 33.33 per cent. This means 6.25 billion new IBTC shares are to be issued to SAHL, increasing the number of its shares in IBTC from 12.5 billion to a total of 18.75 billion.
Posted by Publisher at July 17, 2007 03:44 PM
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