By InvestAdvocate

Lagos INVESTADVOCATE)-Ecobank Transnational Incorporated (ETI) Wednesday announced it has acquired a 100 percent (100%) stake The Trust Bank Ghana Limited (TTB).

This was contained in a Notice to the Nigerian Stock Exchange (NSE) and obtained by www.investadvocateng.com in Lagos Nigeria.

According to ETI, under the terms of the transaction, which was approved on December 09 2011, it will execute a share swap agreement with existing shareholders of The Trust Bank for 100% stake in the Ghanaian Bank.

“Subsequently, ETI will execute a share swap with Ecobank Ghana Limited under which ETI will transfer its 100% stake in TTB to Ecobank Ghana in exchange for shares in Ecobank Ghana” the notice said.

ETI said an Extraordinary General Meeting (EGM) is scheduled to hold January 20 2012 to pass the necessary resolutions to effect the above transaction. “Meanwhile, a new Board of Directors of The Trust Bank Ghana Limited has been constituted with Sam Ashitey Adjei, Managing Director of Ecobank Ghana Limited as Chairman, whilst Emelia Atta Fynn, will assume the role of Acting Managing Director” the Notice affirmed.

Prior to the appointment of Atta Fynn, she served as Head of Compliance on the executive management committee of Ecobank Ghana Limited and previously as Country and regional Treasury.

The combined Ecobank Ghana and TTB will be the largest bank in Ghana in terms of assets with the largest ATM network and over 70 branches. “The Ecobank Group is delighted to welcome employees, customers and shareholders of The Trust Bank aboard to the Ecobank family” the Notice said.

According to ETI, the Ecobank Group expresses its appreciation to the regulators, shareholders and the Board of Directors of The Trust Bank Ghana Limited for their confidence and support in facilitating this landmark merger.

This is coming on the heels of announcements by ETI and Oceanic Bank International Plc on the recapitalisation of Oceanic Bank and the acquisition of 100% stake in Oceanic Bank by ETI.