Reuters Africa reports that following the acquisition, FCMB shares went up by about 4% indicating market confidence in the deal.
Finbank reportedly has about 130 branches nationwide and is worth about a tenth of FCMB’s value.
The acquisition in a sense marks the end of an era as Finbank was one of the nine banks rescued by the Central Bank of Nigeria in 2009. Most of the rescued banks have gone on to be nationalized or merged with rivals.
It will be interesting to see if the Finbank acquisition is seamless and accretive long term for FCMB.