Access Bank to acquire 75% stake in Intercontinental Bank

Access Bank Plc said, yesterday, that it planned to use N53.47 billion to acquire 75 per cent stake in Intercontinental Bank Plc.

Access Bank, in a notice signed by its Company Secretary, Mr. Sunday Ekwochi, announcing its forthcoming extraordinary general meeting, disclosed that the amount was proceeds from its 2007 public offer.

The bank said it would be seeking the approval of its shareholders, at the meeting scheduled for September 26, 2011, to enable it consummate the acquisition of Intercontinental Bank.

According to the notice, the bank will be seeking the approval of shareholders to enter into a transaction for the acquisition of the bank through a special purpose vehicle of 75 per cent controlling equity interest in the authorized share capital of Intercontinental Bank Plc, under a private placement.

The bank is further seeking shareholders’ approval to the extent “that subject to any required approval from the regulatory authorities, the Directors be and are hereby authorized to utilise N53.47 billion standing to the credit of the bank’s 2007 Public Offer Proceeds Account or any part thereof as at the date thereof for the purpose of making the investment.”