Nigeria-based Access
Bank has announced the completion of the recapitalisation of
Intercontinental Bank and the acquisition of a 75% majority
interest in Intercontinental.
Retail banking focused
Intercontinental will complete its integration within the wholesale
and commercial banking focused Access Bank during the second
quarter of 2012.
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In the six months to 30
June, Access Bank posted a profit before tax of NGN10.4bn ($64.5m),
up 6% year-on-year, total assets increased by 23% to
NGN1.28trn.
Intercontinental
operates a retail banking network of 360 branches compared with
Access’ 148 outlets.
In fiscal 2010, retail
banking contributed less than NGN2bn of Access’ group profit before
tax of NGN16bn.
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