The combination of both businesses will produce a ‘formidable financial services institution and leverage on its combined strengths to create one of Nigeria’s premier financial institutions with a strong retail franchise and significant market share in the major sectors of the Nigerian economy.’
Speaking at the meeting, Alhaji (Dr.) S.A. Adegunwa, the Sterling Bank chairman, identified numerous benefits of the deal:
The Board has carefully reviewed our acquisition of ETB from all angles and we are fully assured that it will yield immense benefits to our customers, employees, shareholders, and communities through increased earnings growth, costs savings and improved competitiveness from economies of scale, an increased market share across all verticals, an expanded branch network and deepen our strategic arsenal in our historically high performing businesses.
Expressing his support for the deal, Adewale Sangowawa, chairman of ETB, stated that:
The approval from ETB shareholders to combine with Sterling Bank will enhance its capital and deposit base permitting us to compete more effectively in the first rank of mid-tier deposit money banks.
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