The Managements of
ECOBANK Nigeria PLC and
Unity Bank PLC have signed a Memorandum of Understanding combining the
Assets of both banks. The merger which is the
First of its kind after the
Government induced banking consolidation will see a
New entity with an
Asset base of N400bn emerge.
The merger is expected to be completed in three months will produce an expected branch network of 340
Business around the country.
It is our view that given the spate of banks raising
Funds from the
Capital market and expected merger and acquisition activities, the
Nigerian banking
Sector may be undergoing another phase of transformation-market-induced consolidation.