The Federal High Court of Nigeria on Monday officially approved the union of First City Monument Bank Plc (FCMB) and FinBank.
The endorsement, according to a report on Tuesday, paves way for the two banks to wholly join and commence to operation as a one. FinBank has been an entirely owned subsidiary of FCMB since 10 February 2012. FCMB promised that the merger of the two financial institutions would be accomplished by Saturday, October 27.
It made clear, “Until full integration, customers of FinBank will continue to be serviced through the existing FinBank infrastructure. The bank indicated that, in preparation for full integration, customers have been informed of various changes that will be taking place between the 24th and 27th October 2012.”
“The merger process begun immediately after the acquisition and was subject to approvals from shareholders of both banks, the Securities Exchange Commission and the Federal High Court, all of which have now been received.”
In his remark, Group Managing Director/Chief Executive Officer, FCMB, Mr. Ladi Balogun noted, “We are pleased that the Courts have approved our merger. With the culmination of the legal and regulatory processes, we are now able to integrate our operations fully and deliver the expected benefits to shareholders and customers.”
“The enlarged single entity is well positioned to compete in the consolidating banking landscape. Our customers will experience continued improvements in the customer experience, improved convenience, greater and quicker access to financial support, with simple processes, products, and communication.
"This is indeed a pivotal moment in the history of the bank and one that will lead to significant and sustained increase in shareholder value.”