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.
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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