First City Monument Bank Plc will complete its legal and operational merger with Finbank Plc at its court ordered meeting on September 21, 2012, Shell Hall, MUSON Centre, Lagos. 

Early in August, the bank had notified the investing public that they had received the long-awaited approval in principle for the acquisition from the Securities and Exchange Commission (SEC), and were looking at getting a date to arrange a court-ordered meeting of shareholders (Source: Reuters). 

The Securities and Exchange Commission (SEC) had delayed the approval of the acquisition for months – over recent discovery of hidden bad loans and huge debt profile of the troubled bank. 

The shareholders of FCMB had, on September 29, 2011 at its court-ordered Extra Ordinary General Meeting, approved the bank’s acquisition of Finbank through its subsidiary, FCMB Investments Limited; and endorsed the issuance and allotment of the bank’s shares or payment of cash to the shareholders of Finbank. The Scheme of Arrangement shows that Finbank was being acquired for six billion naira (N6bn).

Source: Proshare