ACCESS BANK COMPLETES ACQUISITION OF FORMER INTERCONTINENTAL BANK

Access Bank Plc on Tuesday announced the conclusion of its acquisition of the assets and liabilities of the former Intercontinental Bank Plc, following regulatory, judicial and shareholders’ approvals.

Mr Aigboje Aig-Imoukhuede

Reacting to the news, Access Bank Gambia informed MarketPlace that “The business combination meant that Intercontinental Bank Plc would be dissolved without being wound up as its assets and liabilities had been transferred to Access Bank.”
Mr Aigboje Aig-Imoukhuede, Group Managing Director, Access Bank, had earlier said that the transaction created a formidable financial institution positioned among the top four Nigerian financial institutions.

"The statement put the current asset base of the bank at N2.02 trillion or USD12.6 Billion, capital adequacy ratio at 18.55 per cent, while liquidity ratio stands at 76 per cent.
“The merger has repositioned the Nigerian banking sector on the African continent as the combined entity has the potential of ranking the bank amongst Africa’s top 10 banks,” he said.

Access Bank, one of Gambia’s leading banks, has weathered so many storms in the country’s financial sector, being one of the first banks to always meet Central Bank’s financial requirements.
Access Bank’s Group Managing Director said the current 5.7 million customers of Access Bank would benefit from a product range of both banks, adding that customers would benefit from an expanded network of 309 branches along with 1,600 Automated Teller Machines (ATMs) spread across the country.