plc type public nse intercont industry financial services founded 1989 headquarters lagos nigeria key people raymond c. obieri chairman mahmud lai alabi managing director & ceo products loans checking savings investments debit cards credit cards website 1 intercontinental bank plc. now access bank plc was commonly referred to as intercontinental bank but often simply called intercontinental is a commercial bank in nigeria . it is one of the twenty four 24 commercial banks licensed by the central bank of nigeria the country s banking regulator . 1 contents 1 overview 2 history 3 subsidiaries 4 governance 5 external links 6 see also 7 references overview edit intercontinental bank was a large financial services provider in west africa . as of december 2008 update the bank s shareholder s equity was valued at approximately us 1.7 billion ngn 261 billion . 2 the shares of stock of intercontinental bank are listed on the nigerian stock exchange nse where they trade under the symbol intercont . 3 history edit the bank was established in 1989 under the name nigerian intercontinental merchant bank limited . that same year the first subsidiary intercontinental securities limited was established . in 1996 the bank acquired controlling shareholding in equity bank of nigeria a commercial bank . also is 1996 intercontinental acquired majority shareholding in west african provincial company plc. wapic an insurance company . intercontinental converted into a commercial bank in 1999 . in 2002 the company listed its shares on the nigerian stock exchange . in 2005 intercontinental successfully merged with three 3 other commercial banks in which it held equity positions prior to the merger namely equity bank of nigeria gateway bank and global bank . 4 in 2009 a special audit of the commercial banks in nigeria by the central bank of nigeria the country s banking regulator found nine of the banks to be under capitalized and badly managed . intercontinental bank plc. was one of the troubled banks . following the injection of capital by the federal government of nigeria to maintain solvency the troubled banks have embarked on re capitalization through participation by new investors yet to be made public . 5 6 in 2011 access bank began talks with the central bank of nigeria to acquire intercontinental bank plc. further to the approval of the shareholders of intercontinental bank and access bank court sanction of the federal high court of nigeria and approval of the central bank of nigeria and the securities & exchange commission access bank plc access and intercontinental bank plc intercontinental bank announced the completion of the recapitalization of intercontinental bank and the acquisition of 75 % majority interest in intercontinental bank by access bank plc. in effect intercontinental bank including all its assets liabilities and undertakings became a subsidiary of access bank plc. aluko & oyebode acted as transaction counsel to access bank plc in connection with its acquisition of intercontinental bank plc. 7 subsidiaries edit the bank had the following subsidiary companies as of december 2010 8 together with the parent bank they sometimes are referred to as the intercontinental group of companies . intercontinental securities limited intercontinental bank ghana limited intercontinental finance and investments limited intercontinental bank united kingdom plc. intercontinental homes savings and loans limited intercontinental registrars limited intercontinental capital markets limited intercontinental wapic insurance plc. intercontinental properties limited intercontinental trustees limited governance edit the chairman of the board was raymond c. obieri while the managing director and chief executive officer was mahmud lai alabi . 9 external links edit website of access bank plc. website of central bank of nigeria see also edit list of banks in nigeria central bank of nigeria economy of nigeria references edit list of licensed commercial banks in nigeria twelve nigerian banks make world s top 1 000 company profile at google finance history of intercontinental bank plc. troubled nigerian banks seeking new investors shareholders optimistic of better days for rescued banks access bank plc s us 300 million acquisition of a 75 % equity stake in intercontinental bank plc a listed nigerian bank . subsidiaries of intercontinental bank plc. key people at intercontinental bank plc. retrieved from https en.wikipedia.org w index.php title intercontinental bank & oldid 699610915 categories banks of nigeriacompanies of nigeriacompanies based in lagosbanks established in 1989economy of nigerialagoshidden categories articles containing potentially dated statements from december 2008all articles containing potentially dated statements navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured 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