Intercontinental Bank
Company type | NSE: INTERCONT |
---|---|
Industry | Financial services |
Founded | 1989 |
Headquarters | Lagos, Nigeria |
Key people |
Chairman
CEO
|
Products |
|
Owner | Access Bank Plc |
Website | www |
Intercontinental Bank plc, commonly referred to as Intercontinental Bank or simply Intercontinental, was a commercial bank in Nigeria. It is now owned by Access Bank plc. Intercontinental Bank was one of the twenty-four commercial banks licensed by the Central Bank of Nigeria, the country's banking regulator.[1]
Overview
Intercontinental Bank was a large financial services provider in
History
The bank was established in 1989 under the name Nigerian Intercontinental Merchant Bank Limited. That same year, the first subsidiary, Intercontinental Securities Limited, was established. In 1996, the bank acquired controlling shareholding in Equity Bank of Nigeria, a commercial bank. Also in 1996, Intercontinental acquired majority shareholding in
In 2009, after a special audit of the commercial banks in
In 2011, Access Bank began talks with the Central Bank of Nigeria to acquire Intercontinental Bank. Further to the approval of the shareholders of Intercontinental bank and Access Bank, 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 completed recapitalization of Intercontinental Bank and the acquisition of 75% majority interest in Intercontinental Bank. In effect, Intercontinental Bank (including all its assets, liabilities and undertakings) became a subsidiary of Access Bank plc. Aluko & Oyebode acted as Transaction Counsel to Access Bank plc in connection with its acquisition of Intercontinental Bank plc.[7]
In 2013, Intercontinental Bank merged with Access Bank, thereby incorporating intercontinental bank and all its assets to Access Bank plc.[8][9][10]
Subsidiaries
The bank had the following subsidiary companies, as of December 2010:[11] Together with the parent bank, they sometimes were referred to as the Intercontinental Group of Companies.
- Intercontinental Securities Limited
- Intercontinental Bank Ghana Limited
- Intercontinental Finance and Investments Limited
- Intercontinental Bank United Kingdom plc
- Intercontinental Homes Savings and Loans Limited
- Intercontinental Registrars Limited
- Intercontinental Capital Markets Limited
- Intercontinental Wapic Insurance plc
- Intercontinental Properties Limited
- Intercontinental Trustees Limited
Governance
Prior to the merger, the
External links
See also
References
- ^ "Central Bank of Nigeria:: All Financial Institutions". www.cenbank.org. Retrieved 2017-08-24.
- ^ Gabriel, Omoh (2009-07-13). "Nigeria: 12 Nigerian Banks Make World's Top 1,000". Vanguard (Lagos). Retrieved 2017-08-24.
- ^ "intercontinental bank - Google Finance Search". www.google.com. Retrieved 2017-08-24.
- ^ "intercontinentalbankplc.com". intercontinentalbankplc.com. Retrieved 2017-08-24.
- ^ Ekundayo, Kayode (2011-02-07). "Nigeria: Banks' Boards Meet Over New Investors". Daily Trust (Abuja). Retrieved 2017-08-24.
- ^ Akanbi, Festus (2011-02-14). "Nigeria: Shareholders Optimistic of Better Days for Rescued Banks". This Day (Lagos). Retrieved 2017-08-24.
- ^ "Access Bank Plc's US$300 million acquisition of a 75% equity stake in Intercontinental Bank Plc, a listed Nigerian bank".
- ^ "Access Bank, Intercontinental to complete merger March 2012 - Vanguard News". Vanguard News. 2011-12-07. Retrieved 2017-09-11.
- ^ "Access Bank Plc and Intercontinental Bank Plc Announce completion of the recapitalization | Access Bank Rwanda". rwanda.accessbankplc.com. Retrieved 2017-09-11.
- ^ "Access Bank & Intercontinental Bank Convene Shareholders Meetings for Proposed Business Combination". Access Bank & Intercontinental Bank Convene Shareholders Meetings for Proposed Business Combination. Retrieved 2017-09-11.
- ^ "intercontinentalbankplc.com". intercontinentalbankplc.com. Retrieved 2017-08-24.
- ^ "intercontinental bank - Google Finance Search". www.google.com. Retrieved 2017-08-24.