Ecobank Transnational Agrees to Acquire Oceanic Bank
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Ecobank Transnational Inc., the Togolese lender that operates in more than 30 African countries, agreed to buy Oceanic Bank International Plc, a Lagos-based lender bailed out by Nigeria’s central bank in 2009.
The agreement “represents an important milestone in the process of the recapitalization of the bank,” Oceanic CEO John Aboh said in a statement. The combination will create one of Nigeria’s top three banks, according to Aboh.