By  Obinna Chima

Equitorial Trust Bank Limited (ETB) said its Board of Directors and shareholders Tuesday  approved the Transaction Implementation Agreement (TIA) it signed with Sterling Bank Plc.

A statement from the bank said the endorsement was given at the banks’ Extraordinary General Meeting (EGM).

It said that the move, demonstrated the bank’s commitment to meet the September 30, 2011 deadline and ensure a hitch free merger process between its preferred investor -Sterling Bank.

ETB explained that the meeting was held in fulfillment of the Central Bank of Nigeria’s (CBN) directive for banks going into merger to hold their EGM and conclude the merger process before September 30, 2011.

The bank said its shareholders said that its proposed merger with Sterling Bank Plc, will produce a strong brand that would compete favorably with its peers in the industry and emerge a reference point in the nation’s banking industry especially in the provision of customized banking services.

“It is expected that the merger of ETB which prides itself as a strong brand in public sector and retail banking with its binding relationship in the oil, telecommunications sectors and Sterling Bank Plc would produce a strong financial institution capable of meeting the needs of its customers,” it quoted a shareholder to have said.

The Bank’s Managing Director, Mr. Gbolahan Folayan, was also quoted to have described the meeting as successful, adding that the stage was set for the merger of ETB and Sterling Bank Plc.

According to him, everything is on course to meet the expectation of the regulatory authorities and other stakeholders on schedule.

Folayan added: “The merger of the financial institutions that will produce a combined branch network of about 185 is driven by clear strategic considerations on the expected benefits that will come after the merger as “the two banks will emerge as one of the formidable banks in the industry positioned to provide cutting-edge financial services to the banking public based on adequate capitalization and quality product offering.”

The bank’s Managing Director also explained that with the array of seasoned bankers and other professionals in related fields which the bank will be contributing to the pool, the new bank will be fortified with the right human resources to drive the vision of the new bank.

Source: ThisDay