Sterling Bank notifies Stock Exchange of merger plan

The management of Sterling Bank Plc yesterday officially notified the Nigerian Stock Exchange (NSE) of its Transaction Implementation Agreement (TIA) with Equatorial Trust Bank (ETB).

The NSE on Friday said “Sterling Bank and ETB have entered into a formal TIA which will lead to the recapitalisation of ETB and merger of both financial institutions.

“The TIA reflects the main commercial terms of reference on which agreement has been reached in principle by the boards of both financial institutions in close consultation with the Asset Management Company of Nigeria,” the Exchange added.

Meanwhile, Sterling Bank has said that the complementary strengths of both institutions underscore the “compelling merit” of the transaction and will provide enhanced growth prospects as well as attractive financial returns for all shareholders.