Nigerian lenders
Access Bank and Intercontinental Bank have submitted a bid to merge
to the country’s Securities and Exchange Commission.
A merger between the
two bailed out banks would enable them to recapitalise. The Central
Bank of Nigeria has given the country’s banks time until the end of
September to meet higher capital requirements to prevent a lack of
liquidation in the case of another financial crisis.
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The news about the
possible merger come two months after First City Monument Bank
(FCMB) and bailed-out Finbank announced that they were to
merge.
The merger between
FCMB, which has 133 branches across Nigeria, and Finbank is
part of FCMB’s ambitions to grow its retail banking franchise as
the bank operates predominantly as a wholesale bank, a strategy
that is shared by Access.
Access Bank is
predominantly a wholesale bank, but with Intercontinental Bank’s
retail division, it aims to penetrate the consumer banking sector
further.
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