December 15, 2011 / 1:12 PM / 7 years ago

UPDATE 1-Ecobank acquires Ghana's Trust Bank

* Ecobank acquires Trust Bank in deal worth $135 mln

* Merger creates Ghana’s biggest bank by assets (Adds deal value, details)

ACCRA, Dec 15 (Reuters) - Pan-African bank Ecobank Transnational Inc said on Thursday it had acquired 100 percent of Ghana’s Trust Bank Ltd in a $135 million deal involving the swapping of Trust Bank shares for Ecobank Ghana shares.

Ecobank said in a statement the deal, which will create Ghana’s leading bank by assets with over 70 branches and 150 automated teller machines, was approved following the receipt of all necessary shareholder, legal and regulatory approvals.

“The compelling logic for the merger is to build a stronger bank, better able to serve the growing banking needs of the Ghanaian economy,” Arnold Ekpe, chief executive of Ecobank, said in the statement.

“The Trust Bank’s strong presence in the local corporate and SME (small- and medium-sized enterprise) markets will complement Ecobank Ghana’s leading role in the corporate and consumer markets,” Ekpe said.

David Ellis, Ecobank group investor relations manager, said from London the deal was worth about 220 million cedis ($135 million).

Ecobank is one of Africa’s leading banking groups with a presence in 32 African countries and a network of over 770 branches and offices. ($1 = 1.63 cedis) (Reporting by Christian Akorlie; Writing by Bate Felix; Editing by David Holmes)

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