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Access Bank completes Intercontinental Bank Takeover

By on January 31, 2012

Access bank has finalized its merger & acquisition exercise with Intercontinental bank, and intercontinental bank ceases to exist as a commercial entity.

According to a statement provided by Access bank management, the integration has been concluded after securing all the regulatory, judicial and shareholder approval.

Aigboje Aig-Imoukhuede, MD of Access Bank stated, ““The conclusion of this transaction is a significant step forward for the Nigerian banking sector; it has preserved thousands of Nigerian jobs and protected the savings of millions of Nigerian citizens.

“It brings together the proven prudential management of Access Bank and the extensive geographical footprint of Intercontinental Bank, with one of the largest networks of branches and Automated Teller Machines.”

CEO, Access bank stated the integration occurred well ahead of schedule due to the professionalism and competence of the management team.

However, many Nigerians are dissatisfied with the way the integration was carried out as reports filtered in last week that 1,500 staff on Intercontinental Bank were laid off.

The combined entity has a total client base of 5.7 million customers, making it one of the largest banks in Nigeria.