Mr. Aigboje Aig-Imoukhuede, MD, ACCESS BANK
By Kunle Aderinokun and Obinna Chima
Following its acquisition of Intercontinental Bank, Access Bank Plc yesterday disclosed that its assets base now stands at N2.018 trillion.
The bank also revealed that it had completed the integration of the financial institutions, saying that the two banks are now single entity.
A statement from the bank also showed that with this development, the customer base of the new entity had risen to 5.7 million, just as its branch network rose to a total of 309. Access bank’s Capital Adequacy Ratio (CAR) now stands at 18.55 per cent, far above the industry average.
It also said that the transaction had created a formidable Nigerian financial institution comfortably positioned in the top four ranking of the country's financial institutions.
According to the commercial bank, all the relevant regulatory, judicial and shareholder approvals had been granted.
The statement said: “Consequently, upon gazetting, Intercontinental Bank stands dissolved, without being wound up and all its assets and liabilities are now vested in Access Bank. Similarly, the merger has repositioned the Nigerian banking sector on the African continent as the combined entity has the potential of ranking amongst Africa's top 10 banks.”
Access Bank had entered into a recapitalisation agreement with Intercontinental Bank- a former rescued bank, last year, in order to enable the latter scale through the September 30, 2011, recapitalisation hurdle, which was set then by the Central Bank of Nigeria (CBN).
The statement further quoted the Group Managing Director/ Chief Executive Officer, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede, to have 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 lays 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 Automated Teller Machines (ATMs).
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”.
The Access Bank boss also stated that the 5.7 million customers of the combined entity would benefit from a product range which blends the very best of both Access and Intercontinental Banks products.
Aig-Imoukhuede added: “To ensure that the 5.7million customers of the Bank enjoy superior banking services, Access Bank is committing significant human and financial resources to customer and other stakeholder engagement via its world-class Contact Centre, SMS, and online banking to ensure seamless transaction and impressive experience at any contact with the Bank.
“The Bank worked closely with Accenture to determine optimal level of resources to support a bank of its size that serves customers efficiently, is financially sound and delivers acceptable returns to investors. Part of this process included a benchmarking against local and foreign financial institutions.
“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."