IBTC Chartered and Standard Bank are set to merge, after the required 75% majority of IBTC shareholders voted in favour of the scheme. The transaction is pending approval from the Central Bank of Nigeria and the Nigerian Securities and Exchange Commission (SEC), expected to be granted by September 17.

The merger involves Standard Bank merging with its Nigerian arm Stanbic Bank (Nigeria), and then incorporating IBTC’s operations into the bank in exchange for 6.25bn of IBTC shares.

Following all approvals, the deal is expected to create one of the leading banks in Nigeria with a significant asset base and capacity to offer a wide range of products and services, including trade finance.