Business
FCMB Set To Conclude MoU With Finbank
The First City Monument Bank says it is in the process of concluding the Memorandum of Understanding (MoU) on merger it signed with Finbank Plc.
Mr Kenny Alliu, Head of Corporate Affairs of the bank, told newsmen in Lagos yesterday that they would meet the September deadline of the CBN.
He said that the two banks were in the course of concluding all the processes relating to the MoU.
“The combination of the two banks will create a formidable bank,” he said.
He said that the merger would provide significant protection for shareholders and other stakeholders of both institutions.
According to him, the MoU will provide a framework for the recapitalisation of the emerging bank.
“As soon as the recapitalisation process is concluded, the bank will make it known to the public,” Alliu said.
Our reports say that Finbank has notified the Nigerian Stock Exchange that it has signed an MoU with the FCMB on May 5.
The CBN, had on June 6, announced September as the new deadline for recapitalising the eight rescued banks.