Posted by By Omoh Gabriel, Business Editor on
Eko International Bank PLC and Prudent Bank are to fuse into Skye Bank. This is the name arrived at by the board of both banks after their retreat in Lagos to look at the modalities for their merger.
Eko International Bank PLC and Prudent Bank are to fuse into Skye Bank. This is the name arrived at by the board of both banks after their retreat in Lagos to look at the modalities for their merger.
The new bank has also announced its key officers.
In a joint statement signed by Kunle Jenrola, Corporate Affairs Manager, Eko International Bank, and Mr. Kayode Akinyemi, Corporate Affairs Manager, Prudent Bank, the bank said: 'The Directors of the Prudent/EIB Group have unveiled a new name called SKYE BANK at the end of their retreat in Lagos over the weekend.
'Also, appointment of Mr. Akinsola Akinfemiwa and Mr. Kehinde Durosinmi-Etti as Managing Director, and Depuly Managing Director respectively, was announced, while Mr. Olusegun Oloketuyi and Mr. Olugbenga Ademulegun were appointed as Executive Directors. Also, the board composition and corporate structure/organogram of the new bank was approved at the retreat.
The pronouncement is a strategic effort to position the new group to have competitive edge in the emerging post- consolidation era.
"The Central Bank of Nigeria (CBN) has earlier granted a pre-merger consent approval to the group, after which Akintola Williams Deloitte Consulting was appointed as consultant and Financial Adviser to the Group
"The directors of the group expressed appreciation to all their customers and other stakeholders for their continued support and understanding, while also affirming that regular update will be provided until the operations of the new bank commenced."
Directors of the Group held a retreat on Thursday, August 4, 2005 at the Meidan Hotel, Victoria Garden City, Lagos. The retreat forms part of the strategic efforts at fine-tuning the merger process towards quick completion and for the emergence of the new mega bank. It will be recalled that the two banks recently obtained approval for pre-merger consent from the Central Bank of Nigeria (CBN) after which the integration was stepped up between the two banks, with Akintola Williams Deloitte Consulting as the Financial Adviser to the Group.
The merger of the two banks is expected to bring a synergy of professional and experienced bankers to form one of the leading financial institutions in Nigeria in the post-consolidation era. Prudent Bank is reputed for its professional competence in project finance, corporate banking and customer relationship management, while EIB International Bank has its strengths in the commercial and retail/consumer banking, as well as in public sector business. The public offer of EIB International Bank, which has already received CBN's approval, was successful, while the result of Prudent Bank's public offer, which closed in May 2005, is going through verification by the regulatory authorities.