In accordance with Regulation No. COBAC R-2016/02 relative to the changes in the status of credit institutions, the application for prior authorization for a merger include, in particular;
- The name of the acquiring establishment or of the new establishment resulting from the merger.
- The articles of association of the companies involved in the merger and, where applicable, the draft articles of association of the new entity.
- The annual financial statements certified by the statutory auditors, including the balance sheets and income statements for the last three financial years for each of these companies.
- The minutes of the Extraordinary General meeting of each of these companies authorizing the merger.
- The statutory auditors’ reports on the merger, for each of these companies.
- The merger agreement entered into between these companies.
- The draft terms of the merger specifying the method used to determine the exchange ratio and the valuation of the assets.
- The staff redeployment plan.
The above list may be supplemented or amended by the instruction of the Banking Commission.
The application for prior authorization for a demerger operation must include the following;
- The minutes of the Extraordinary General meeting of each of these companies authorizing the demerger.
- The demerger agreement.
- The statutory auditors’ reports on the demerger.
- The staff redeployment plan.