At respective court-ordered meetings held today in Lagos, shareholders of Sterling Bank Plc (“SBP”) and Equitorial Trust Bank Limited (“ETB”) approved the combination of both financial institutions. The shareholders’ consent marks the culmination of exclusive talks, which were first disclosed last month after the formal signing of a transaction implementation agreement (TIA). The deal, whose full details are contained in a public Scheme of Merger, has already received the contingent approval of the regulatory authorities.

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.

Contacts:

Sterling Bank
Justina Lewa
Email: [email protected]
Tel: +234 803 3016942

Equitorial Trust Bank
Adewale Oshinowo
Email: [email protected]
Tel: +234 705 721 1009