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Intercontinental Bank now Access bank

 

Intercontinental Bank Plc
Address: Head Office: Intercontinental Plaza, Danmole Street, Victoria Island, Lagos
Phone: +234 1 2622940-59; Fax: +234 1 2622981
Website: http://www.intercontinentalbankplc.com

International bank is one bank among a few. It is one of the strongest bank in Nigeria and should be considered among the top 3.

The bank is one of Africa's strongest financial institutions with a vision to be the number one financial institution in Nigeria, number one in Africa and among the top 100 banks in the world, with a strong global presence.

International bank plc has a very exciting history as published on their website

" 1989, March 1

Established as a merchant bank in February under the name, Nigerian Intercontinental Merchant Bank Limited.
Commenced business with paid up ordinary share capital of N12 million. In five years it became the most profitable merchant bank in Nigeria.

1989, September 1
The first subsidiary, Intercontinental Securities Limited (INTERSEC), an investment company was set up.

1993
The bank acquired substantial equity stake in Associated Discount House Limited (ADHL), the largest discount firm in Nigeria.

1996
The bank acquired majority equity stake in Equity Bank of Nigeria Limited, a nimble and dynamic commercial bank, to enhance commercial operations of the Group.

1996
The bank acquired a controlling equity stake in an insurance company, West African Provincial Company (WAPIC) Plc, which expanded the Group’s business into the lucrative insurance business. WAPIC is one of the biggest insurance companies in Nigeria.

1999
Became Intercontinental Bank Limited in July following conversion to a Commercial Bank

1999
ADHL acquired another commercial bank, Gateway Bank Limited.

2000
Converted to universal banking

2002
Became a publicly quoted company listed on the Nigerian Stock exchange with IPO of 283,995,000 ordinary shares, which was fully subscribed.

2004
Public Offer of 2.75 million ordinary shares in December, in its quest to exceed the new N25 billion shareholders funds as prescribed by the CBN. Subscribed by 136% and reaffirming investors’ confidence in the bank.

2005
Merged with three other banks: Equity, Gateway and Global in October 2005."

- Taken from Intercontinentalbankplc.com

Intercontinental bank plc has only N12 million in 1989 and grew to a shareholder's fund of N200.4 billion, the total assets plus contigents is now N1.7 trillion.

In January 2012, Access Bank completed the acquisition of Intercontinental bank and so the latter is now known as Access Bank

Go to Intercontinental bank website

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