Intercontinental Bank plc, commonly referred to as Intercontinental Bank or simply Intercontinental, is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

Nigeria Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...

. It is now owned by

Access Bank plc Access Bank plc, commonly known as Access Bank, is a Nigerian Multinational corporation, multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator. Originally a cor ...

. Intercontinental Bank is one of the twenty-four commercial banks licensed by the

Central Bank of Nigeria The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are ...

, the country's banking regulator.

Overview

Intercontinental Bank was a large financial services provider in

West Africa West Africa or Western Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Maurit ...

. the bank's shareholder's equity was valued at approximately US$1.7 billion (NGN:261 billion). The shares of

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

of Intercontinental Bank are listed on the

Nigerian Stock Exchange The Nigerian Stock Exchange (NSE) now Nigerian Exchange Group is a Nigerian stock exchange founded in 1961 in Lagos. As of November 2019, it has a total of 161 listed companies, with 8 domestic companies on the premium board, 144 companies on the ...

(NSE), where they trade under the symbol: INTERCONT.

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 is 1996, Intercontinental acquired majority shareholding in West African Provincial Company plc (WAPIC), an insurance company. Intercontinental converted into a commercial bank in 1999. In 2002, the company listed its shares on the

. In 2005, Intercontinental successfully merged with three other commercial banks, in which it held equity positions prior to the merger, namely Equity Bank of Nigeria, Gateway Bank and Global Bank. In 2009, a special audit of the commercial banks in

by the

, the country's banking regulator, found nine of the banks to be under-capitalized and badly managed. Intercontinental Bank Plc. was one of the troubled banks. Following the injection of capital by the Federal Government of Nigeria, to maintain solvency, the troubled banks have embarked on re-capitalization through participation by new investors, yet to be made public. 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. In 2013, Intercontinental Bank merged with Access Bank, thereby incorporating intercontinental bank and all its assets to Access Bank plc.

Subsidiaries

The bank had the following subsidiary companies, as of December 2010: Together with the parent bank, they sometimes are 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

The

Chairman of the Board The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

was Raymond C. Obieri, while the

Managing Director A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

and

Chief Executive Officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

was Mahmud Lai Alabi.

External links

Website of Access Bank plc Website of Central Bank of Nigeria

References