Access Bank to Sell Intercontinental Bank UK Subsidiary

Access Bank Plc, Nigeria’s sixth- largest lender by market value, plans to sell its entire stake in Intercontinental Bank U.K., Chief Executive Officer Aigboje Aig-Imoukhuede said.

“The bank has commenced discussions with two potential buyers and will ensure that the transaction is concluded soon and at no loss to us,” Aig-Imoukhuede said today on a conference call from Lagos, Nigeria’s commercial capital.

Access last year acquired Intercontinental Bank Plc, one of eight lenders bailed out by the central bank in 2009 after a debt crisis caused in part by loans to speculators in equities. Five of them, including Intercontinental, were taken over by investors and three were nationalized.

“The units of both banks in Ghana will merge by mid- year,” Aig-Imokhuede said.

Access Bank’s net income in the year through to December jumped 51 percent to 16.7 billion naira ($106 million), the bank said March 16. Revenue advanced to 138.9 billion naira, up from 91.1 billion naira a year earlier.

One Comment

1. 

   Beefunited

   March 22, 2012 at 3:53 pm

   Access….thieves thieves thieves