The three other banks are Assurance Bank, Guardian Express Bank and Manny Bank. The new institution will be called Astrabank PLC, and will open later this year.
The move may assure ERHC shareholders that capital will be available for exploration if ERHC chairman Emeka Offor seeks funds to commence drilling instead of trading rights for his costs with p[artners Pioneer Natural Resources, Devon Energy and Noble Drilling.
The story is at http://www.guardiannewsngr.com/business/article1, A brief excerpt appears below:
SHAREHOLDERS of First Atlantic Bank Plc have endorsed the capitalisation plan proposed by the board of the bank to boost its competitiveness amidst on-going reforms in the banking industry.
The shareholders also ratified the merger plans of the bank with three other banks namely Assurance Bank, Guardian Express Bank and Manny Bank to form the proposed Astrabank Plc later this year.
At its 13th yearly general meeting in Calabar recently, the Cross River capital, the shareholders commended the plans of the bank to raise fresh funds from the capital market early this year, noting that this will not only enhance the business potentials of the bank but will strengthen its position in the proposed new bank.
According to the shareholders, the decision to go into the merger relationship eliminates uncertainty about the future of the bank, adding that from such position the bank's proposed offer was certain to be well received by the investing public.
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The bank also enhanced its earnings from N2.8 billion in 2003 to N4.2 billion in 2004, with profit before tax rising from N609 million for the year ended June 30, 2003 to N821 million for the year ended June 30, 2004.
2 comments:
Hopefully this is a case of the bigger the better. Question is if any of the "old guard" from First Atlantic gets appointed to the BOD of Astrabank?
And whether anyone from its major asset, ERHC, gets appointed, too!
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