Shareholders endorse Intercontinental, Access Banks MoU

// Biz | Shareholders endorse Intercontinental, Access Banks MoU
Email to a friend Plain text Print version // Font size: Decrease font Enlarge font

By Babajide Komolafe
Intercontinental Bank’s shareholders have endorsed the signing of Memoran-dum 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 Inter-continental Bank and representatives of the Bank’s shareholders on Monday.

Intercontinental Bank’s MD/CEO, Mahmoud Lai Alabi seized the oppor-tunity to reiterate the essence and benefits of the proposed combina-tion 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 oppor-tunities, capitalising on proven track records, management team and best practice culture applied to extensive and complementary branch network.”

Alabi revealed that the complementary business models of both banks would provide strong strategic rationale for the partnership.

In his remarks, the President, Association for the Advancement of the Rights of Nigerian Shareholders (AARN), Dr. Faruk Umar, said “we are in full support of the signing of this MoU and we want to assure you of our unflinching support.”

The Chairman, Onitsha Zone of Shareholder Association of Nigeria, Bishop Goodluck Akpore, said “shareholders have enough information to take informed decision on the MoU, therefore, management should move quickly to consolidate on the gains of the signing.”

On his part, the Executive President, Nigeria Shareholders Solidarity Association (NSSA), Chief Timothy Adesiyan, noted share-holders were more interested in the recapitalisation of the Bank via the business combination than to engage in frivolous litigations, which will further erode their investment.

In his views, the representative of Shareholders Trustees Association of Nigeria (STAN), Alhaji Muktar Muktar, said the Bank was positioned to regain its rightful place with the expected value proposi-tion the combination will generate in view of the synergies of both banks.

Please enable JavaScript to view the comments powered by Disqus. blog comments powered by Disqus
Tagged : Kwara State, BIG-KLEF, David Oyedepo, Matthew Ashimolowo, Rivers State Tanker Explosion, Bishop Isaac Owusu Bempah, Achebes Body Arrives In Nigeria, Plateau State Government Threatens To Sack 11000 T

Headlines Newsview all

Nigerian Women Open Up On Why They Cheat On Their Husbands

It is a well accepted fact that while men are more likely to be unfaithful, women are also capable of the same, depending on the ... Full story

Military Arrest General Enitan Ransome Kuti, And Four Others For The Loss Of Baga To Boko Haram

The Nigerian military on Monday commenced the court martial of a Brigadier General, Enitan Ransome-Kuti, and four other senior officers, blamed for the loss of ... Full story

Nigeria’s First Female ISIS Dumbo Terrorist

Grace Dare, who now uses the name Khadijah, is with ISIS in Syria  Her heartbroken mother Victoria, from Lewisham, has spoken for first time Has issued a ... Full story

If Buhari Terminates Our Pipeline Contract There Shall Be No Peace - General Boyloaf

Ebikabowei Victor Ben, a.k.a General Boyloaf former Niger Delta militant said there'll be no peace if Muhammadu Buhari terminates the pipeline contract given to ex-militants.  Boyloaf ... Full story

Pupils,Students Find Grave In Classroom

There was pandemonium at the Iguodala Primary School in the Uhunduhun Oredo Local Government Area of Edo State after pupils stumbled on a fresh ‘grave’ ... Full story

Woman Bites Off Employee’s Ear Over Salary

A Magistrates’ court on Monday ordered the arrest of a hotel director, 38-year-old Mrs Mary Joan Adeiekwe who  bit off the ear of her manager, ... Full story

Togolese International Emmanuel Adebayor Blasts Family

Someone is angry, and that person is Togolese football champion, Emmanuel Adebayor. So angry that he didn’t hesitate to show it once the cup was ... Full story

8 More Nigerians Face Execution In Indonesia - UNID

AGROUP, United Nigerians In Diaspora, UNID, has called on the Federal Government to prevail on the Indonesian government to stay action on its plans to ... Full story

Emotional: Family Reunion For Freed Boko Haram Captives

Women and children who were being held by Boko Haram extremists have said some of their group were stoned to death as the Nigerian army ... Full story

Revealed: Boss Ubi Franklin Terrorized And Abused Me For Several Years - Emma Nyra

While it is not news that Ubi Franklin and his label’s first lady, Emma Nyra are no longer cool, the two called it quits under ... Full story

Court Orders Extradition Of Emmanuel Okoyomon To UK

Okoyomon's extradition is being sought by the United Kingdom over his alleged role in a bribery allegation involving officials of the Central Bank of Nigeria, ... Full story

Comment on: Shareholders endorse Intercontinental, Access Banks MoU

Rate this article

0

Featured author

Jude Okafor

Breaking News

Moyo Lawal Returns From ‘Prison’

One of the sexiest stars in Nollywood, Moyo Lawal, has finally decided to bounce back to social media after her self-imposed ‘prison’. Recall that the hour-glass ...

It Hurts When Your Efforts Are Not Appreciated—Peter Okoye of P-Square

One half of the popular music group, P-Square, Peter Okoye, has expressed solidarity to the embattled one-time African footballer of the year and friend, Emmanuel ...

RMD Want Buhari To Go Tough On Pirates

Nollywood actor, Richard Mofe Damijo, who delved into politics a while ago, at a public presentation in Abuja, suggested to the incoming government of Muhammadu ...

commercial sex worker pours hot water on another over customer, lands in court

A Nomansland Magistrates’ Court, Kano State, on Tuesday, remanded in prison custody, a 29-year-old commercial sex worker, Chioma Okoro, for allegedly pouring hot water on ...

10,606 Lagisians Tested HIV Positive

At least, 10,606 Lagosians have tested positive for the dreaded HIV disease in public hospitals and facilities in Lagos State in the last one year, ...

My husband says I smell---Laide

Dear Agatha, I have a very embarrassing situation in my home. I got married about six years ago and for almost five and a half years, ...

Togolese Star, Emmanuel Adebayor Exposes Dirty Family Secrets

Soccer star, Emmanuel Adebayor, who currently plays for Tottenham FC of England, took to his Facebook page some hours ago to pour out his pains ...

Ramsey Nouah, Other Celebrities In London For Movie Premiere Of 'Busted Life

As you read this, the duo of Ramsey Nouah and Majid Michel are already in London, England for the premiere of a new flick by ... Full story

Tee Mac Returns Abuja Land To PMAN

Former president of the Performing Musician Association of Nigeria (PMAN), Tee Mac Omatsola Iseli, has handed over documents of a land in his possession in ...

Yetunde Bustline Tormented Me While We Were Together—Baba Tee Reveals

Marriage has always been the union between two people who have come together to become one and any time such union crashes; there are different ...