Access Bank To Finalize Intercontinental Merger BY March 2012, Increase Its Share Capital

In a statement released on the Nigeria Stock exchange today, Access Bank has signaled it will complete its integration of Intercontinental Bank by March, way ahead of the “18 to 24 months” earlier envisaged.

“The Bank has notified The Exchange that following it’s completion of the acquisition of a 75% stake in Intercontinental Bank Plc. (“Intercontinental Bank”), it is pleased to announce that the two Banks have agreed to merge their respective businesses. The proposed merger will be effected through a Scheme of Merger pursuant to Part XII of the Investments and Securities Act (No 29) of 2007 (“Scheme of Merger”) that when concluded, will result in Intercontinental Bank  being merged with Access Bank, leaving Access Bank as the surviving entity.”

Access intends to fast-track the process and has gotten regulatory approvals to do so. A court ordered meeting for shareholders will convene on December 30^th 2011, part of the discussions will center on Access Bank’s plan to increase its authorized share capital in order to accommodate Intercontinental Bank Shareholders.

Once resolutions have been passed at the meeting, subsequent approvals will be required from the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and Federal High Court.