One of Nigeria’s rescued banks, Intercontinental Bank Plc, following the completion of its recapitalisation, has emerged a subsidiary of Access Bank Plc, and will be run by a new Managing Director, Mr. Victor Etuokwu, with Mr. Aigboje Aig-Imoukhuede as the new Chairman of the bank’s board.
A statement issued by both banks disclosed that subsequent to the approval of
the shareholders of the banks, the court sanction of the Federal High Court of Nigeria, and the approval of all other relevant authorities, the recapitalisation of Intercontinental Bank Plc had been completed, and Access Bank Plc had acquired 75percent majority share in Intercontinental. It also said that Intercontinental Bank will be merged with Access Bank within the 2nd quarter of 2012. However, before the full merger, Intercontinental Bank Plc will operate “as a high performing subsidiary of Access Bank Plc, fulfilling all obligations to customers and other stakeholders".
The change of control processes for Intercontinental's banking operations within Nigeria have been completed, while work with host regulators is ongoing to conclude change of control processes for its international banking subsidiaries.
On the request of Access Bank Plc, the retiring Board of Directors of Intercontinental Bank Plc reconstituted its membership. Besides Aig-Imoukhuede and Etuokwu, the other members of the reconstituted board are: Herbert Wigwe as a Non-Executive Director; Taukeme Koroye, Non-Executive Director; Paul Usoro, Non-Executive Director; Obinna Nwosu, Non-Executive Director; Ojini Olaghere, Executive Director; and Segun Ogbonnewo, Executive Director.daily times
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