The Nigerian Stock Exchange (NSE) Wednesday placed Ecobank Nigeria Plc on full suspension preparatory to its delisting from the Exchange. Ecobank had last November notified the NSE of its intention to delist from the Exchange following the proposed reorganisation of its share capital that will make its parent company, Ecobank Transnational Incorporated(ETI) own its 93 per cent. The reorganisation was a result of the acquisition of Oceanic Bank International by ETI, which made both Ecobank and Oceanic Bank subsidiaries of the pan- African holding company. But directors of Ecobank had said that they had agreed to merge its business with Oceanic Bank and would leave Ecobank as the surviving entity. Consequent upon the merger, it is expected that ETI’s shareholding in the enlarged Ecobank Nigeria will increase from its current 85 per cent to approximately 93 per cent. This, the bank explained, would further reduce Ecobank Nigeria's minimum free float to maintain listing on the NSE. Shareholders of Ecobank Nigeria Plc and Oceanic Bank last December approved the merger proposal. Under the merger scheme, the shareholders approved that all the assets, liabilities and undertakings of Oceanic Bank, including real property and intellectual property rights, be transferred to Ecobank Nigeria, while issued ordinary shares Oceanic Bank be dissolved and that the bank be dissolved without being wound up. Given the approval already obtained from the shareholders and based on earlier notification, the NSE yesterday placed the shares of Ecobank on full suspension. This means that the shares cannot be traded, a development that will persistent until the shares would be delisted from the NSE and operate as a private entity.