Ecobank Transnational Inc. (ETI), the parent company of the Ecobank Group, the largest pan-African banking group by geography, with presence in 35 countries, has acquired the Trust Bank Ghana Limited (TTB).
Under the terms of the transaction, which was approved on 9 December 2011, ETI will execute a share swap agreement with existing shareholders of The Trust Bank for 100% stake in TTB. 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. An Extraordinary General Meeting (EGM) is scheduled for 20 January 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. Prior to her appointment Emelia 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.
Furthermore, 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.
ADVERTISEMENT