Access bank of Nigeria to buy rival Intercontinental Bank

Nigeria’s Access Bank said on Thursday it will spend 50 billion naira (US$ 320 million) to acquire a 75 percent stake in rescued rival Intercontinental Bank and combine both firms’ operations within 12 months of the merger.

Access Bank is the first of four lenders to announce plans on how it intends to integrate with a rescued bank after signing merger agreements in July, a move long-suffering shareholders hope marks the beginning of the end of the banking crisis.

Shareholders of both institutions will need to vote on the merger at the end of the month, he said. The combined entity will remain listed on the Nigerian Stock Exchange, he said, adding that he expected to complete the transaction by September 30.

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