March 28, 2011
The Banks have notified The Exchange that they have executed a Memorandum of Understanding (MOU) with each other; Access Bank Plc being the preferred bidder selected by the Board of Directors of Intercontinental Bank Plc.
The Banks further stated that this business combination will offer unique opportunities to both institutions. The retail banking operations of Intercontinental bank couple with wholesale and commercial banking strength of Access bank offers a high degree of synergy and complementarities. It will also create a formidable competitor with scale to rival the top banks in the industry.
The Banks noted that the careful consolidation of the banking sector is essential to the future stability and growth of the Nigerian economy. The combination of the two Banks is of systemic importance and safeguards a significant degree of capacity in the Nigerian banking sector that would otherwise be lost in the event of non-resolution of any of the rescued Banks.
In accordance with best practices, the process will be subject to necessary Shareholder, Regulatory and Judicial approvals.