Related News

Standard Bank has entered into discussions with Oceanic Bank, the fifth largest bank in Nigeria, regarding Oceanic Bank acquiring Stanbic Bank Nigeria and Standard Bank acquiring a significant strategic minority shareholding in Oceanic Bank.
Agreements will be finalised on the satisfactory conclusion of a due diligence exercise and obtaining all necessary regulatory approvals, in particular that of the South African Reserve Bank and the Central Bank of Nigeria.
In the event that the transaction with Oceanic Bank was to be successfully completed, Standard Bank indicated that it did not expect the purchase consideration associated with the potential transaction to be material for Standard Bank and added that further announcements would be made if and when discussions culminated in a binding agreement.