African banking group, Ecobank Transnational said on Tuesday it had concluded the acquisition of 100 percent stake in Nigeria's Oceanic Bank , completing the recapitalisation of the formerly rescued lender.
"The combined entity with over 600 branches across Nigeria will provide a stronger and more competitive platform to better serve our existing and new clients," Ecobank said in a statement.
Oceanic Bank was one of the nine lenders rescued by the Nigerian central bank in a $4 billion bailout package in 2009.
Shareholders of both lenders gave their approval for the deal. Existing shareholders of Oceanic and state "bad bank" AMCON will become shareholders in ETI, which will merge Oceanic Bank with its Nigerian unit.
Under the deal, holders of rescued lender Oceanic Bank will get one ordinary share and 0.428 preference share of ETI for every 20 Oceanic shares held on Oct. 4, 2011.