First City Monument Bank (FCMB) on Tuesday said that it was waiting for the approval of Securities and Exchange (SEC)  to conclude its acquisition of Finbank. Mr Kenny Aliu, FCMB Group Head, Corporate Communications, disclosed in Lagos. He said that the process was still ongoing and would be completed as soon as it received SEC’s approval.

“The commission’s approval is being expected any moment from now,” he said. Aliu said that the bank had gotten all other regulatory approvals and the ruling of the Federal High Court.

He said that the bank did not encounter any problem or challenge in the process and that the acquisition was going as planned. The bank’s spokesman said that full integration of the two entities would be completed within 12 months provided for in  the Transaction Implementation Agreement (TIA). He said that Finbank would be merged with FCMB to combine the strength of both banks to form a formidable institution.

The shareholders of FCMB, had on Sept. 29, 2011, approved the bank’s acquisition of Finbank through its subsidiary FCMB Investments Ltd. The shareholders at the Court-Ordered Extra Ordinary General Meeting (EGM) also approved the issuance and allotment of the bank’s shares or payment of cash to the shareholders of Finbank.

The scheme of arrangement showed that Finbank is being acquired for N6 billion.