Intercontinental, Access banks merger to capture future growth opportunities

THE proposed business combination between International Bank Plc and Access Bank has been described as  one that will create a formidable Nigerian bank.This was disclosed recently by the Group Managing Director/Chief Executive of Intercontinental Bank Plc, Mahmoud Lai Alabi, who noted that the new entity, as a significant player in the wider African market, would be well positioned to capture future growth opportunities, capitalising on proven track records, management team and best practice culture applied to extensive and complementary branch network.In his message to members of staff, the GMD disclosed that the emerging entity offered opportunity for adoption of best practices in the operations of the bank, sustenance of employment and restoration of staff confidence and self esteem.Speaking further, the GMD also stated that in the proposed combination between the two banks, there would be ample opportunity for training both locally and internationally, adding that the improvement of staff welfare would be adequately taken care of.Mr. Alabi noted that the recapitalisation plans, which would be set in motion through the signing of a memorandom of  understanding (MoU) with Access Bank, would allow the acceleration of the growth of the new entitys key business lines and significantly increase its market share.He added that such expansion indicated that there were significant career opportunities for existing, committed and talented employees who would contribute towards the objective of creating one of Africas larget and most profitable banking franchises operating in line with best practices.With the last of our financial dispensations expiring on September 30, 2011, it is timely that we have found a future partner in Access Bank, he stated, adding that the execution of the MoU ensures the continuity of our operations, a secured future and the opportunity to safeguard our shareholders investment and secure the employment of our staff.We are optimistic that as we proceed, there will be a comprehensive review of the Intercontinental business to ensure that the new entity is best positioned for growth and to maximise returns to shareholders and opportunities to the staff, he stated.
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