Nigeria’s Ecobank said on Monday it will seek shareholders approval on Dec. 22 to merge its operations with rival Oceanic Bank , after Ecobank’s parent firm ETI acquired 100 percent of Oceanic in September.

It said shareholders in the enlarged Ecobank will get 1 share in ETI for every 5.16 Ecobank shares owned. Pan-African lender ETI will then own the merged entity. Ecobank will subsequently delist from the Nigerian stock exchange, it said in a notice to shareholders. Oceanic has already delisted.
 

Source: Reuters / Chijioke Ohuocha