Standard Bank of South Africa says it has reached agreement in principle to merge its Nigerian operations with those a local Nigerian bank, IBTC. The intent is for Standard Bank Group to have a controlling interest in the merged entities.
Standard Bank says the proposed transaction is subject to the approval of the Boards of Directors of Standard Bank and IBTC; legal and regulatory approvals in Nigeria and South Africa; the execution of legal documentation; and the receipt of sufficient irrevocable undertakings to successfully execute the proposed transaction.