Under the terms of the transaction, a share swap agreement with Trust Bank’s existing shareholders will be executed by ETI for 100% stake in TTB.
Subsequently, a share swap with Ecobank Ghana will be executed wherein ETI will transfer its 100% stake in TTB to Ecobank Ghana in exchange for shares in Ecobank Ghana.
A new Board of Directors of TTB includes Sam Ashitey Adjei, managing director of Ecobank Ghana as chairman, and Emelia Atta Fynn will assume the role of acting managing director.
Prior to the new position, Emelia served as head of Compliance on the executive management committee of Ecobank Ghana as well as a Country and regional Treasury.
On 20 January 2012, necessary resolutions to effect the transaction will be passed during a scheduled Extraordinary General Meeting (EGM).
The combined Ecobank Ghana and TTB will be the largest bank in Ghana in terms of assets with the largest ATM network and over 70 branches.
