Intercontinental Bank Plc
Address: Head Office: Intercontinental Plaza, Danmole Street, Victoria Island, Lagos
Phone: +234 1 2622940-59; Fax: +234 1 2622981
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.
The bank acquired substantial equity stake in Associated Discount House Limited (ADHL), the largest discount firm in Nigeria.
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.
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.
Became Intercontinental Bank Limited in July following conversion to a Commercial Bank
ADHL acquired another commercial bank, Gateway Bank Limited.
Converted to universal banking
Became a publicly quoted company listed on the Nigerian Stock exchange with IPO of 283,995,000 ordinary shares, which was fully subscribed.
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.
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