By Peter Egwuatu & Providence Obuh
LAGOS – Intercontinental Bank’s shareholders, yesterday, endorsed the signing of Memorandum of Understanding, MoU, on business combination between the Bank and Access Bank Plc, describing it as the surest safety net for their investments.
The endorsement was given at an interactive parley between the management of Intercontinental Bank and representatives of the bank’s shareholders
Group Managing Director/Chief Executive, Mahmoud Lai Alab reiterated the essence and benefits of the proposed combination to the shareholders, saying, “the combination of the two banks will create a formidable Nigerian bank.”
He noted that “the new entity, as a significant player in the wider African market, will 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.”
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Shareholders okay Intercontinental, Access Bank’s MoU