BY PETER EGWUATU

Shareholders of First City Monument Bank (FCMB) and FinBank Plc, have  endorsed the business combination of the two banks as 99.98 per cent of FCMB shareholders voted in favour of the merger resolutions at a court ordered meeting held in Lagos at the weekend.

The approval showed an overwhelming shareholders’ support and endorsement of the transaction following the regulatory approvals of the merger, including an approval-in-principle from the Securities and Exchange Commission (SEC) on 30th July, 2012.

By this approval from the shareholders, the entire share capital of FinBank has been canceled and the bank dissolved without being wound up. Consequently, all assets and liabilities of FinBank, including its real properties and intellectual property rights, have been transferred to FCMB.

Speaking at the meeting, Group Managing Director, FCMB Plc, Mr. Ladi Balogun said, “This approval is an important step towards the successful merger of FinBank and FCMB and is a pivotal moment in the evolution of FCMB. The last six months have been challenging – the delays we experienced had prevented us from achieving the synergies as quickly as we anticipated when we began this process. We are confident that with the transaction almost completed, we will fully realise the anticipated financial and strategic benefits and see value accretion in the coming months.

I am grateful to our shareholders who have been supportive and patient during the entire integration process. The 99.98 per cent support for the transaction is a strong validation of its benefits to all shareholders. I also appreciate the continued dedication and focus of my colleagues at both banks as this process evolved.”