Ecobank Transnational Incorporated (ETI) said it has received the approval of its shareholders to raise three billion dollars (N450 billion).

Newsday reports that the shareholders at the bank's Extra Ordinary General Meeting (EGM) in Lagos, also endorsed the bank's 100 per cent acquisition of Oceanic Bank International.

Newsday reports that the shareholders' resolution reaffirmed the authorisation earlier granted to the board in 2008 to raise up to three billion dollars (N450 billion) in equity, quasi-equity and Global Depository Receipts (GDR).

The authorisation includes the issuance of preference shares and creation of convertible loans for strategic transaction but not limited to merger, acquisitions, combinations, joint ventures and alliances.

Mr Kolapo Lawson, Chairman of the bank, commended the shareholders for approving the resolutions that would position the group for further growth.

Lawson said that its acquisition of Oceanic Bank would compel Ecobank Nigeria to be among the first four or five banks operating in the country.
He said that the bank had appointed an integration committee and manager to oversee the seamless integration of Oceanic Bank.

Also speaking, Mr Arnold Ekpe, Chief Executive Officer of the bank group , said that the adoption of the resolutions reflects shareholders' confidence in their institution.”
Ekpe said that the acquisition would give the institution the financial flexibility required in developing Ecobank to become one of the leading banks in Africa.

He said that the resolution would provide the appropriate return to shareholders in the years ahead.
Ekpe said that the group had done 12 acquisitions in four years across Africa.

He said that the bank's full resources would come to bear after the completion of acquisition process of Oceanic Bank.
A breakdown of the shareholders' approval made available to NAN indicated that 93.3 per cent of the shareholders supported of the resolutions, while 6.7 per cent of them were against.