Intercontinental Bank Plc, Access Bank complete merger

Citifmonline. com can confirm that the merger between the Access bank and Intercontinental Bank Plc has been completed. This follows the approval of the shareholders of both banks, a court sanction of the Federal High Court of Nigeria and approval of the Central Bank of Nigeria and the Securities & Exchange Commission. Access Bank Plc has acquired 75% majority interest in Intercontinental Bank effective today. The two banks are expected to be merged within the 2nd quarter of 2012. Intercontinental Bank is one of the banks that were rescued by the Central Bank of Nigeria. The combined effect of the restoration of Net Asset Value (NAV) to zero by AMCON and N50billion capital injection by Access Bank Plc is that Intercontinental Bank now operates as a well capitalized bank, with shareholders funds of N50billion and Capital Adequacy Ratio (CAR) of 24%, well above the 10% regulatory threshold. In the interim, Intercontinental Bank will operate as a high performing subsidiary of Access Bank Plc fulfilling all obligations to customers and other stakeholders. Meanwhile, retiring Board of Directors of Intercontinental Bank Plc reconstituted its membership upon the request of Access Bank Plc. Consequently, the reconstituted Board of Directors of Intercontinental Bank include Aigboje Aig-Imoukhuede – Chairman, Herbert Wigwe - Non-Executive Director, Taukeme Koroye - Non-Executive Director, Paul Usoro - Non-Executive Director, Obinna Nwosu - Non-Executive Director, Victor Etuokwu - Managing Director, Ojini Olaghere - Executive Director, and Segun Ogbonnewo - Executive Director