Nigerian lender FCMB said it would complete a legal and operational merger with former rival Finbank by the end of the third quarter.

“We took full control of Finbank in February 9, and a complete integration is on the way … it will happen by the end of the third quarter,” FCMB Chief Executive Ladi Balogun told an investor conference call.

“We have received approval in principle for the acquisition from the Securities and Exchange Commission, and we are looking at getting a date to arrange a court-ordered meeting of shareholders in the next few days,” he said.

Balogun said he expected Finbank to contribute more than 10 percent to profits this year after the merger.

Source: Reuters