According to M&F, about 98.6% of voting investors supported merging with Optus Bank, despite several counterproposals. The deal still requires regulatory approval and is expected to close in the fourth quarter, the company said.
This strong shareholder support points to momentum for consolidation among Black-owned banks. For senior executives, the outcome may affect market positioning and regulatory scrutiny in the sector. The next step is the regulator’s decision on the merger.
