EcoBank Begins Makeover of Oceanic Bank

Ecobank Nigeria Plc, the new owners of Oceanic Bank Plc has begun a makeover of all branches of Oceanic Bank in preparation for the full integration of their new purchase into Ecobank family, Nigeria CommunicationsWeek has learnt.
The integration of Oceanic Bank followed the inking of all the requisite legal and regulatory approvals and would when completed allow customers to conduct teller transactions at over 230 locations of Ecobank Nigeria.
It will also allow customers of Oceanic Bank use of their Automated Teller Machine (ATM) cards at Ecobank machines with no extra transaction charge.
One of the immediate spinoffs of the merger between the two banks is the resultant flexibility in service delivery because of Ecobank’s huge investment in IT.
Overall, the complementarities of Ecobank Nigeria’s multinational and local corporate clientele and Oceanic Bank’s public sector and retail customers was expected to increase business opportunities for the merged banks.
Nigeria CommunicationsWeek gathered that Ecobank Plc boasts of wide array of IT driven banking products including; SMS-Alerts, e-Alerts, e-Statements, Standing Order and Internet Banking.
Ecobank’s regional card is also available and acceptable in over 28 countries across Africa while its Visa is available in 13 countries in Africa.
John Aboh, managing director, Oceanic Bank recently in a statement said that “This merger with Ecobank marks a successful outcome to the rescue of Oceanic Bank. The combined entity provides shareholders and employees access to a stronger banking group. I leave with the satisfaction of having delivered value for our shareholders and opportunities for our employees. I thank the regulatory authorities for their support in the successful conclusion of this process.”
“The merger will result in cost savings due to economies of scale.  These savings are expected in the areas of information technology, procurement, cost of funding and elimination of duplicated costs. The merged entity will have a network of 600 branches, one of the largest branch networks in Nigeria. In particular, its footprint will cover all the major commercial and administrative centres in the country,” he added.