The Executive Director, Personal Banking of Access Bank, Mr. Victor Etuokwu, disclosed that the regulators have granted approval in principle for the merger process and that the banks were awaiting the final approval, which would be granted after convening shareholders meeting.
“So far, we have gotten approvals up to approval in principle. There are three approvals that we need for this process. The first one is the pre-order approval, which is like the first approval, the next approval is the approval in principle.
“The final approval comes after approval in principle and it will come after you have convened your shareholders meetings,’’ the report by The Sun newspaper on Wednesday quoted Etuokwu as saying.
Etuokwu added that the banks would convene shareholders meetings next month and that the approval would be taken to court once approved by the shareholders.
He noted that all the processes, including the final approval, would be completed in the next 60 days and that the new bank would remain committed to retail and corporate banking to drive financial inclusion for desired growth and development.