Business

Nigeria’s Access Bank Plc on Tuesday announced the conclusion of its acquisition of the assets and liabilities of the former Intercontinental Bank Plc.

The bank said in a statement Xinhua that the merger followed regulatory, judicial and shareholders approvals. The statement said the business combination meant that Intercontinental Bank would be dissolved without being wound up as its assets and liabilities had been transferred to Access Bank. It said the business combination leveraged Access Bank’s customer base to 5.7 million naira with a branch network of 309 branches.

The statement put the current asset base of the bank at 2.02 trillion naira, capital adequacy ratio at 18.55 percent, while liquidity ratio stands at 76 percent. Group Managing Director Access Bank Aigboje Aig-Imoukhuede had earlier said the transaction created a formidable Nigerian financial institution positioned among the top four Nigerian financial institutions. “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 added.

Aig-Imoukhuede said the current 5.7 million customers of Access Bank would benefit from a product range of both banks. He added that customers would benefit from an expanded network of 309 branches along with 1,600 Automated Teller Machines (ATMs) spread across the country.