As part of regulatory and legal approvals of the business combination between Access Bank Plc and Intercontinental Bank Plc, shareholders of both institutions unanimously approved the business combination of the two banks at their court-ordered meetings held in Lagos last Friday.

With this develop-ment, the entire share capital of Intercontin-ental Bank has been cancelled and the bank dissolved without being wound up. Consequently, all assets, liabilities and undertakings of Inter-continental Bank Plc, including its real proper-ties and intellectual property rights, have been transferred to Access Bank. The shareholders also approved that the certificate of incorpora-tion of Access Bank shall be the certificate of incorporation of the resultant company from the business combina-tion.

According to the scheme of merger, “The certificate of incorpora-tion of Access Bank shall be the certificate of incorporation of the resultant company. However, the scheme of merger will be subject to the subsequent approval of the Securities and Exchange Commission and the Central Bank of Nigeria to the sanction of the court.”

Addressing share-holders, Group Managing Director, Access Bank, Aigboje Aig-Imouk-huede, said Access Bank was committed to sustainable banking practice and would continue to conduct its business in ethical and transparent manner with due consideration for stakeholders interest.

He noted that the merger would position the bank for business opportunities that would present themselves in the power and agric sectors as well as in e-payment to boost investment and growth of the institution, adding that the business combination would lead to cost savings for the merged entity.

With this development, the two banks have made history as the first to conclude their business combination in the ongoing Nigerian banking sector reform necessitated by the Central Bank of Nigeria (CBN)’s bid to strengthen and make the financial system healthier and more efficient.

The successful execution of the business combination between Access Bank and Intercontinental Bank signals the reordering that will take place in the hierarchy of top 5 financial institutions in the sector.

Specifically, Access Bank, by virtue of this combination, now ranks the fourth largest bank in the country in size and is better positioned as one of Africa’s largest financial institutions with excellent prospects for future growth.