Intercontinental Bank
Encyclopedia
Intercontinental Bank Plc., commonly referred to as Intercontinental Bank, but often simply called Intercontinental, is a commercial bank
in Nigeria
. It is one of the twenty-four (24) commercial banks licensed by the Central Bank of Nigeria
, the country's banking regulator.
. , the bank's shareholder's equity was valued at approximately US$1.7 billion (NGN:261 billion). The shares of stock
of Intercontinental Bank are listed on the Nigerian Stock Exchange (NSE), where they trade under the symbol: INTERCONT.
In 2005, Intercontinental successfully merged with three (3) other commercial banks, in which it held equity positions prior to the merger, namely Equity Bank of Nigeria, Gateway Bank and Global Bank.
In 2009, a special audit of the commercial banks in Nigeria
by the Central Bank of Nigeria
, the country's banking regulator, found nine of the banks to be under-capitalized and badly managed. Intercontinental Bank Plc. was one of the troubled banks. Following the injection of capital by the Federal Government of Nigeria, to maintain solvency, the troubled banks have embarked on re-capitalization through participation by new investors, yet to to be made public.
Together with the parent bank, they sometimes are referred to as the Intercontinental Group of Companies.
is Raymond C. Obieri, while the Managing Director and Chief Executive Officer
is Mahmud Lai Alabi.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
. It is one of the twenty-four (24) commercial banks licensed by the Central Bank of Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
, the country's banking regulator.
Overview
Intercontinental Bank is a large financial services provider in West AfricaWest Africa
West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of West Africa:...
. , the bank's shareholder's equity was valued at approximately US$1.7 billion (NGN:261 billion). The shares of stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of Intercontinental Bank are listed on the Nigerian Stock Exchange (NSE), where they trade under the symbol: INTERCONT.
History
The bank was established in 1989 under the name Nigerian Intercontinental Merchant Bank Limited. That same year, the first subsidiary, Intercontinental Securities Limited, was establisghed. In 1996, the bank acquired controlling shareholding in Equity Bank of Nigeria, a commercial bank. Also is 1996, Intercontinental acquired majority shareholding in West African Provincial Company Plc. (WAPIC), an insurance company. Intercontinental converted into a commercial bank in 1999. In 2002, the company listed its shares on the Nigerian Stock Exchange.In 2005, Intercontinental successfully merged with three (3) other commercial banks, in which it held equity positions prior to the merger, namely Equity Bank of Nigeria, Gateway Bank and Global Bank.
In 2009, a special audit of the commercial banks in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
by the Central Bank of Nigeria
Central Bank of Nigeria
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959.The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, maintain the external reserves of the country, promote monetary stability and a sound...
, the country's banking regulator, found nine of the banks to be under-capitalized and badly managed. Intercontinental Bank Plc. was one of the troubled banks. Following the injection of capital by the Federal Government of Nigeria, to maintain solvency, the troubled banks have embarked on re-capitalization through participation by new investors, yet to to be made public.
Subsidiaries
The bank maintains the following subsidiary companies, as of December 2010:Together with the parent bank, they sometimes are referred to as the Intercontinental Group of Companies.
- Intercontinental Securities Limited
- Intercontinental Bank Ghana Limited
- Intercontinental Finance and Investments Limited
- Intercontinental Bank United Kingdom Plc.
- Intercontinental Homes Savings and Loans Limited
- Intercontinental Registrars Limited
- Intercontinental Capital Markets Limited
- Intercontinental Wapic Insurance Plc.
- Intercontinental Properties Limited
- Intercontinental Trustees Limited
Governance
The Chairman of the BoardChairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
is Raymond C. Obieri, while the Managing Director and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
is Mahmud Lai Alabi.