Access Bank Plc has announced the completion of its acquisition of Intercontinental Bank as the two financial institutions merged into a single entity.

This comes after all the relevant regulatory, judicial and shareholder approvals have been granted. According to a statement from Access Bank which was made available to Nigerian Tribune on Tuesday, upon gazetting, Intercontinental Bank stands dissolved without being wound up and all its assets and liabilities are now vested in Access Bank Plc.

Speaking on the merger, Aigboje Aig-Imoukhuede, Group Managing Director/ Chief Executive Officer, Access Bank Plc said: “The conclusion of this transaction is a significant step forward for the Nigerian banking sector; it has preserved thousands of Nigerian jobs, protected the savings of millions of Nigerian citizens and laid the foundation for the creation of a truly great African bank. It brings together the proven prudential management of Access Bank and the extensive geographical footprint of Intercontinental Bank, with one of the largest networks of branches and ATMs.”

“Our speed of integration proves that we have an excellent team that can perform under pressure. We are now focused on building a truly sustainable Nigeria bank that works for its customers, shareholders and the communities where we operate; a bank which is poised to be Africa's most respected bank,” the Access Bank boss also said.

Similarly, the merger was said to have repositioned the Nigerian banking sector on the African continent as the combined entity had the potential of ranking among Africa's top 10 banks according to The Banker magazine's review of top African banks in its current edition. The new entity will have a  customer base of 5.7 million,  309 branches, an Asset Base of N2, 018,018,714,000, combined with a Capital Adequacy ratio of 18.55per cent and a Liquidity Ratio of 76per cent.

Speaking further Mr Aig-Imoukhuede, said, “All our people have worked hard to deliver this successful integration and the speed and efficiency with which it has been accomplished is testament to the quality of our management team. Importantly, our customers have experienced minimal disruption and we would like to express our sincere appreciation to them for enabling this successful combination.”